EX-12.1 4 a2228988zex-12_1.htm EX-12.1
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Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)

 
   Summit Hotel Properties, Inc.   Summit Hotel
Properties, LLC
(predecessor) 		 
 
   For the
Three
Months
Ended 3/31/2016 		  For the
Year Ended
12/31/2015 		  For the
Year Ended
12/31/2014 		  For the
Year Ended
12/31/2013 		  For the
Year Ended
12/31/2012 		  For the Period
2/14/11 through
12/31/2011 		  For the Period
1/1/11 through
2/13/2011 		 

Earnings

                                            

Pre-tax income (loss) from continuing operations

   $ 50,305   $ 125,809   $ 21,175   $ 11,519   $ (7,675 ) $ (6,091 ) $ (4,549 )

Interest expense

     6,920     28,691     26,968     20,137     14,909     9,993     3,435  

Amortization of financing costs

     563     1,723     1,549     1,854     2,288     1,199     94  

Amortization of capitalized interest

     66     348     463     581     599     524     75  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Earnings

   $ 57,854   $ 156,571   $ 50,155   $ 34,091   $ 10,121   $ 5,625   $ (945 )
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Fixed Charges

                                            

Interest expense

   $ 6,920   $ 28,691   $ 26,968   $ 20,137   $ 14,909   $ 9,993   $ 3,435  

Capitalized interest

     —     75     253     453     53     —     —  

Amortization of financing costs

     563     1,723     1,549     1,854     2,288     1,199     94  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Fixed Charges

   $ 7,483   $ 30,489   $ 28,770   $ 22,444   $ 17,250   $ 11,192   $ 3,529  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
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Preferred Dividends

   $ 4,147   $ 16,588   $ 16,588   $ 14,590   $ 4,625   $ 411   $ —  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

    
4.97		    
3.33		    
1.11		    
0.92
(1)		  
0.46
(2)		  
0.48
(3)		  
(0.27
)(4)
(1)
For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $37.0 million and the total amount of earnings was approximately $34.1 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $2.9 million.

(2)
For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $21.9 million and the total amount of earnings was approximately $10.1 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $11.8 million.

(3)
For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $11.6 million and the total amount of earnings was approximately $5.6 million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $6.0 million.

(4)
For this period, earnings were less than fixed charges and preferred stock dividends. The total amount of fixed charges and preferred stock dividends for this period was approximately $3.5 million and the total amount of earnings was approximately $(0.9) million. The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $4.5 million.



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Calculation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (Dollars in Thousands)