EX-12.1 4 a2207257zex-12_1.htm EX-12.1

Exhibit 12.1

 

Summit Hotel Properties, Inc.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Dollars in Thousands)

 

 

 

Summit Hotel
Properties, Inc.

 

Summit Hotel Properties, LLC
(Predecessor)

 

 

 

For the Period
February 14,
2011
through
September 30,

 

For the
Period
January 1,
2011 through
February 13,

 

Year Ended December 31,

 

 

 

2011

 

2011

 

2010

 

2009

 

2008

 

2007

 

2006

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

(454

)

$

(5,868

)

$

(20,718

)

$

(17,779

)

$

4,011

 

$

3,918

 

$

7,914

 

Interest expense

 

9,975

 

4,666

 

26,362

 

18,321

 

17,025

 

14,214

 

11,135

 

Amortization of financing costs

 

1,616

 

154

 

1,841

 

2,029

 

1,575

 

1,678

 

754

 

Amortization of capitalized interest

 

374

 

75

 

599

 

599

 

443

 

252

 

28

 

Total Earnings

 

$

11,511

 

$

(973

)

$

8,084

 

$

3,170

 

$

23,054

 

$

20,062

 

$

19,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

9,975

 

$

4,666

 

$

26,362

 

$

18,321

 

$

17,025

 

$

14,214

 

$

11,135

 

Capitalized interest

 

—

 

—

 

—

 

3,142

 

3,829

 

4,490

 

573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of financing costs

 

1,616

 

154

 

1,841

 

2,029

 

1,575

 

1,678

 

754

 

Total Fixed Charges

 

$

11,591

 

$

4,820

 

$

28,203

 

$

23,492

 

$

22,429

 

$

20,382

 

$

12,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Dividends

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

0.99

(1)

(0.20

)(2)

0.29

(3)

0.13

(4)

1.03

 

0.98

(5)

1.59

 

 

(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 $11,591,000 and the total amount of earnings was approximately $11,511,000.  The amount of the deficiency, or the amount of fixed charges and preferred stock dividends in excess of earnings, was approximately $80,000.

(2)                                For this period, earnings were less than fixed charges.  The total amount of fixed charges for this period was approximately $4,820,000 and the total amount of earnings was approximately $(973,000).  The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $5,793,000.

(3)                                For this period, earnings were less than fixed charges.  The total amount of fixed charges for this period was approximately $28,203,000 and the total amount of earnings was approximately $8,084,000.  The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $20,119,000.

(4)                                For this period, earnings were less than fixed charges.  The total amount of fixed charges for this period was approximately $23,492,000 and the total amount of earnings was approximately $3,170,000.  The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $20,322,000.

(5)                                For this period, earnings were less than fixed charges.  The total amount of fixed charges for this period was approximately $20,382,000 and the total amount of earnings was approximately $20,062,000.  The amount of the deficiency, or the amount of fixed charges in excess of earnings, was approximately $320,000.