EX-12.1 3 a50563878ex12_1.htm EXHIBIT 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) |  |
|  | Year Ended 12/31/12 |  |  |  | For the Period 2/14/11 through 12/31/11 |  |  |  | For the Period 1/1/11 through 2/13/11 |  |  |  | Year Ended 12/31/10 |  |  |  | Year Ended 12/31/09 |  |  |  | Year Ended 12/31/08 |  |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax income (loss) from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
continuing operations |  | $ | (4,865 | ) |  |  | $ | (7,293 | ) |  |  | $ | (5,462 | ) |  |  | $ | (20,857 | ) |  |  | $ | (17,510 | ) |  |  | $ | 2,816 |  |
Interest expense |  |  | 15,585 |  |  |  |  | 12,604 |  |  |  |  | 4,417 |  |  |  |  | 24,902 |  |  |  |  | 17,025 |  |  |  |  | 16,111 |  |
Amortization of financing costs |  |  | 2,298 |  |  |  |  | 2,041 |  |  |  |  | 152 |  |  |  |  | 1,822 |  |  |  |  | 2,015 |  |  |  |  | 1,565 |  |
Amortization of capitalized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
interest |  |  | 599 |  |  |  |  | 524 |  |  |  |  | 75 |  |  |  |  | 599 |  |  |  |  | 599 |  |  |  |  | 443 |  |
Total Earnings |  | $ | 13,617 |  |  |  | $ | 7,876 |  |  |  | $ | (818 | ) |  |  | $ | 6,466 |  |  |  | $ | 2,129 |  |  |  | $ | 20,935 |  |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 15,585 |  |  |  | $ | 12,604 |  |  |  | $ | 4,417 |  |  |  | $ | 24,902 |  |  |  | $ | 17,025 |  |  |  | $ | 16,111 |  |
Capitalized interest |  |  | 53 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | 3,142 |  |  |  |  | 3,829 |  |
Amortization of financing costs |  |  | 2,298 |  |  |  |  | 2,041 |  |  |  |  | 152 |  |  |  |  | 1,822 |  |  |  |  | 2,015 |  |  |  |  | 1,565 |  |
Total Fixed Charges |  | $ | 17,936 |  |  |  | $ | 14,645 |  |  |  | $ | 4,569 |  |  |  | $ | 26,724 |  |  |  | $ | 22,182 |  |  |  | $ | 21,505 |  |
Preferred Dividends |  | $ | 4,625 |  |  |  | $ | 411 |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |  |  |  | - |  |
Ratio of Earnings to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined Fixed Charges and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Stock Dividends |  |  | 0.60 |  | (1) |  |  | 0.52 |  | (2) |  |  | (0.18 | ) | (3) |  |  | 0.24 |  | (4) |  |  | 0.10 |  | (5) |  |  | 0.97 |  | (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 $22.5 million and the total amount of earnings was approximately $13.6 million. The amount of the deficiency, or the amount of fixed charges and preferred
| stock dividends in excess of earnings, was approximately $8.9 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 $15.1 million and the total amount of earnings was approximately $7.9 million. The amount of the deficiency, or the amount of fixed charges and preferred
| stock dividends in excess of earnings, was approximately $7.2 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 $4.6 million and the total amount of earnings was approximately $(.8) million. The amount of the deficiency, or the amount of fixed charges and preferred
| stock dividends in excess of earnings, was approximately $5.4 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 $26.7 million and the total amount of earnings was approximately $6.5 million. The amount of the deficiency, or the amount of fixed charges and preferred
| stock dividends in excess of earnings, was approximately $20.2 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 $22.2 million and the total amount of earnings was approximately $2.1 million. The amount of the deficiency, or the amount of fixed charges and preferred
| stock dividends in excess of earnings, was approximately $20.1 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 $21.5 million and the total amount of earnings was approximately $20.9 million. The amount of the deficiency, or the amount of fixed charges and preferred
| stock dividends in excess of earnings, was approximately $.6 million. |  |  |  |  |  |  |