EX-12.1 4 a12312017exhibit121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
 
Summit Hotel Properties, Inc.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)

 
 
For the Years Ended December 31,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
Earnings
 
 
 
 
 
 
 
 
 
 
 
Pre-tax income from continuing operations
 
$
101,195

 
$
106,811

 
$
125,809

 
$
21,175

 
$
11,519

 
Interest expense
 
27,665

 
25,948

 
28,691

 
26,968

 
20,137

 
Amortization of deferred financing costs
 
2,022

 
2,143

 
1,723

 
1,549

 
1,854

 
Estimate of interest within rental expense
 
955

 
—

 
—

 
—

 
—

 
Amortization of capitalized interest
 
266

 
266

 
348

 
463

 
581

 
Total Earnings
 
$
132,103

 
$
135,168

 
$
156,571

 
$
50,155

 
$
34,091

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
27,665

 
$
25,948

 
$
28,691

 
$
26,968

 
$
20,137

 
Capitalized interest
 
301

 
—

 
75

 
253

 
453

 
Amortization of deferred financing costs
 
2,022

 
2,143

 
1,723

 
1,549

 
1,854

 
Estimate of interest within rental expense
 
955

 
—

 
—

 
—

 
—

 
Total Fixed Charges
 
$
30,943

 
$
28,091

 
$
30,489

 
$
28,770

 
$
22,444

 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Dividends
 
$
17,408

 
$
18,232

 
$
16,588

 
$
16,588

 
$
14,590

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
 
2.73

 
2.92


3.33


1.11


0.92

(1)

(1)  Earnings for the period 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.