EX-12.1 2 cldtex121_20161231ratioofe.htm EXHIBIT 12.1

|  |  |  | Exhibit 12.1

Chatham Lodging Trust
Computation of Ratio of Earnings to Combined Charges and Preferred Share Dividend(1)

| 2016 | 2015 | 2014 | 2013 | 2012
Calculation of Earnings |  |  |  |  |
Pretax income (loss) from continuing operations | 31,394 |  | 33,438 |  | 67,186 |  | 3,106 |  | (1,375 | )
Plus: Fixed charges | 30,344 |  | 29,205 |  | 21,619 |  | 11,825 |  | 14,845 |
Plus: Amortization of capitalized interest |  | — |  | — |  | — |  | — |
Plus: Distributed income of equity investees | 7,228 |  | 8,914 |  | 2,053 |  | 13,939 |  | 21,202 |
Plus: Share of pre-tax losses of equity investees for which charges from guarantees are included in fixed charges | — |  | — |  | — |  | — |  | — |
Less: Interest capitalized | — |  | — |  | — |  | — |  | — |
Less: Preference security dividend requirements of consolidated subsidiaries | — |  | — |  | — |  | — |  | — |
Less: Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | — |  | — |  | — |  | — |  | — |
Total Earnings | 68,966 |  | 71,557 |  | 90,858 |  | 28,870 |  | 34,672 |
Fixed Charges |  |  |  |  |
Interest expense (including amortization of issuance costs) | 28,297 |  | 27,924 |  | 21,354 |  | 11,580 |  | 14,641 |
Preferred dividends | — |  | — |  | — |  | — |  | — |
Accruals for guarantees of other parties' obligations | — |  | — |  | — |  | — |  | — |
Estimated interest component of rental expense | 2,047 |  | 1,281 |  | 265 |  | 245 |  | 204 |
Total Combined Fixed Charges and Preferred Share Dividends | 30,344 |  | 29,205 |  | 21,619 |  | 11,825 |  | 14,845 |
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends | 2.27 |  | 2.45 |  | 4.20 |  | 2.44 |  | 2.34 |

(1) | We have not issued preferred shares and, accordingly, no preferred share dividends were declared or paid for any of the periods presented.