STAR-12.31.2014-Ex12.2

Exhibit 12.2

Computation of Ratio of Adjusted EBITDA to Interest Expense and Preferred Dividends

($ in thousands, except ratios)



	For the Years Ended December 31,
	2014			2013			2012			2011			2010
Adjusted EBITDA(1):
Net income (loss)	$	15,765		$	(111,233	)	$	(241,430	)	$	(25,693	)	$	80,206
Add: Interest expense(2)	228,395			269,921			356,161			345,914			346,500
Add: Income tax expense (benefit)	3,912			(659		)	8,445			(4,719		)	7,023
Add: Depreciation and amortization(3)	79,042			74,673			70,786			63,928			70,786
Add: Provision for (recovery of) loan losses	(1,714		)	5,489			81,740			46,412			331,487
Add: Impairment of assets(4)	34,634			14,353			36,354			22,386			22,381
Add: Loss on transfer of interest to unconsolidated subsidiary	—			7,373			—			—			—
Add: Stock-based compensation expense	13,314			19,261			15,293			29,702			19,355
Add: (Gain) loss on early extinguishment of debt, net(5)	25,369			19,655			22,405			(101,466		)	(110,075		)
Total Adjusted EBITDA(1)	$	398,717		$	298,833		$	349,754		$	376,464		$	767,663
Interest expense and preferred dividends:
Interest expense(2)	$	228,395		$	269,921		$	356,161		$	345,914		$	346,500
Preferred dividends	51,320			49,020			42,320			42,320			42,320
Total interest expense and preferred dividends	$	279,715		$	318,941		$	398,481		$	388,234		$	388,820
Adjusted EBITDA/Interest expense and preferred dividends	1.4x			0.9x			0.9x			1.0x			2.0x

Explanatory Notes:

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(1)

Adjusted EBITDA should be examined in conjunction with net income (loss) as shown in the Company's Consolidated Statements of Operations. Adjusted EBITDA should not be considered as an alternative to net income (loss) (determined in accordance with GAAP), as an indicator of the Company's performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of the Company's liquidity, nor is Adjusted EBITDA an indicative of funds available to fund the Company's cash needs or available for distribution to shareholders. Rather, Adjusted EBITDA is an additional measure for the Company to use to analyze how the business is performing. It should be noted that the Company's manner of calculating Adjusted EBITDA may differ from the calculations of similarly-titled measures by other companies. See computation of Adjusted EBITDA on page 33.


(2)	For the years ended December 31, 2012, 2011 and 2010, interest expense includes $1,064, $3,728 and $32,734, respectively, of interest expense reclassified to discontinued operations. Interest expense also includes the Company's proportionate share of interest for equity method investments.


(3)	For the years ended December 31, 2014, 2013, 2012, 2011 and 2010, depreciation and amortization includes $0, $264, $2,016, $5,837 and $14,117, respectively, of depreciation and amortization reclassified to discontinued operations. Depreciation and amortization also includes our proportionate share of depreciation and amortization expense for equity method investments.


(4)	For the years ended December 31, 2014, 2013, 2012, 2011 and 2010, impairment of assets includes $0, $1,764, $22,576, $9,147 and $9,572, respectively, of impairment of assets reclassified to discontinued operations.


(5)	For the years ended December 31, 2014, 2013, 2012 and 2010, loss on early extinguishment of debt excludes the portion of losses paid in cash of $0, $13,535, $15,411 and $1,152, respectively.