EX-12.1 2 a15-1763_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)

 

 

 

 

 

 

 

 

 

For the
Period

 

For the
Period

 

 

 

 

 

Year Ended

 

Year Ended

 

Year Ended

 

2/14/11
through

 

1/1/11
through

 

Year Ended

 

 

 

12/31/2014

 

12/31/2013

 

12/31/2012

 

12/31/2011

 

2/13/2011

 

12/31/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

21,175

 

$

11,519

 

$

(7,675

)

$

(6,091

)

$

(4,549

)

$

(20,021

)

Interest expense

 

26,968

 

20,137

 

14,909

 

9,993

 

3,435

 

21,575

 

Amortization of financing costs

 

1,549

 

1,854

 

2,288

 

1,199

 

94

 

1,602

 

Amortization of capitalized interest

 

463

 

581

 

599

 

524

 

75

 

599

 

Total Earnings

 

$

50,155

 

$

34,091

 

$

10,121

 

$

5,625

 

$

(945

)

$

3,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

26,968

 

$

20,137

 

$

14,909

 

$

9,993

 

$

3,435

 

$

21,575

 

Capitalized interest

 

253

 

400

 

53

 

—

 

—

 

—

 

Amortization of financing costs

 

1,549

 

1,854

 

2,288

 

1,199

 

94

 

1,602

 

Total Fixed Charges

 

$

28,770

 

$

22,391

 

$

17,250

 

$

11,192

 

$

3,529

 

$

23,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Dividends

 

$

16,588

 

$

14,590

 

$

4,625

 

$

411

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

1.11

(1)

0.92

(2)

0.46

(3)

0.48

(4)

(0.27)

(5)

0.16

(6)

 

(1)         Earnings were more than fixed charges and preferred stock dividends.  The total amount of fixed charges and preferred stock dividends for this period was approximately $45.4 million and the total amount of earnings was approximately $50.2 million.  The amount of the adequacy, or the amount of earnings in excess of fixed charges and preferred stock dividends, was approximately $4.8 million.

(2)         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.

(3)         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.

(4)         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.

(5)         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.

(6)         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.