EX-12.1 2 a14-4233_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Summit Hotel Properties, Inc.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in Thousands)

 

 

 

Year Ended
12/31/2013

 

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

 

Year
Ended
12/31/2010

 

Year Ended
12/31/2009

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

11,519

 

$

(7,675

)

$

(6,091

)

$

(4,549

)

$

(20,021

)

$

(15,048

)

Interest expense

 

20,137

 

14,909

 

9,993

 

3,435

 

21,575

 

13,800

 

Amortization of financing costs

 

1,854

 

2,288

 

1,199

 

94

 

1,602

 

1,750

 

Amortization of capitalized interest

 

581

 

599

 

524

 

75

 

599

 

599

 

Total Earnings

 

$

34,091

 

$

10,121

 

$

5,625

 

$

(945

)

$

3,755

 

$

1,101

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

20,137

 

14,909

 

9,993

 

3,435

 

21,575

 

13,800

 

Capitalized interest

 

400

 

53

 

 

 

 

3,142

 

Amortization of financing costs

 

1,854

 

2,288

 

1,199

 

94

 

1,602

 

1,750

 

Total Fixed Charges

 

$

22,391

 

$

17,250

 

$

11,192

 

$

3,529

 

$

23,177

 

$

18,692

 

Preferred Dividends

 

14,590

 

4,625

 

411

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

0.92

(1)

0.46

(2)

0.48

(3)

(0.27

)(4)

0.16

(5)

0.06

(6)

 


(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.

 

(5)  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 $23.2 million and the total amount of earnings was approximately $3.8 million.  The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $19.4 million.

 

(6)  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 $18.7 million and the total amount of earnings was approximately $1.1 million.  The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $17.6 million.