EX-12 2 aht2017q110-qxex12.htm EXHIBIT 12 Exhibit



EXHIBIT 12

ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)

 
Three Months Ended
 
Year Ended December 31,
 
March 31, 2017
 
2016
 
2015
 
2014
 
2013
 
2012
 Earnings
 
 
 
 
 
 
 
 
 
 
 
 Income (loss) from continuing operations before provision for income taxes and redeemable noncontrolling interests
$
(32,783
)
 
$
(57,250
)
 
$
310,523

 
$
(40,465
)
 
$
(46,949
)
 
$
(56,385
)
 Amount recorded for equity in (earnings) loss of unconsolidated entities
763

 
6,110

 
6,831

 
(2,495
)
 
23,404

 
20,833

 Add:
 
 
 
 
 
 
 
 
 
 
 
Distributions of earnings from unconsolidated entities
—

 
—

 
996

 
995

 
—

 
—

Interest on indebtedness, net of premiums
49,959

 
199,870

 
168,834

 
107,598

 
133,697

 
140,066

Amortization of loan costs
5,346

 
24,097

 
18,680

 
7,237

 
7,772

 
6,194

Interest component of operating leases
73

 
343

 
288

 
115

 
341

 
354

 
$
23,358

 
$
173,170

 
$
506,152

 
$
72,985

 
$
118,265

 
$
111,062

 
 
 
 
 
 
 
 
 
 
 
 
 Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 Interest on indebtedness, net of premiums
$
49,959

 
$
199,870

 
$
168,834

 
$
107,598

 
$
133,697

 
$
140,066

 Amortization of loan costs
5,346

 
24,097

 
18,680

 
7,237

 
7,772

 
6,194

 Interest component of operating leases
73

 
343

 
288

 
115

 
341

 
354

 Dividends to Class B unit holders
—

 
2,110

 
2,813

 
2,879

 
2,943

 
2,943

 
$
55,378

 
$
226,420

 
$
190,615

 
$
117,829

 
$
144,753

 
$
149,557

 Preferred stock dividends
 
 
 
 
 
 
 
 
 
 
 
 Preferred Series A
$
886

 
$
3,542

 
$
3,542

 
$
3,542

 
$
3,542

 
$
3,516

 Preferred Series D
5,000

 
20,002

 
20,002

 
20,002

 
20,002

 
19,869

 Preferred Series E
—

 
6,280

 
10,418

 
10,418

 
10,418

 
10,417

 Preferred Series F
2,212

 
4,130

 
—

 
—

 
—

 
—

 Preferred Series G
2,858

 
2,318

 
—

 
—

 
—

 
—

 
$
10,956

 
$
36,272

 
$
33,962

 
$
33,962

 
$
33,962

 
$
33,802

 
 
 
 
 
 
 
 
 
 
 
 
 Combined fixed charges and preferred stock dividends
$
66,334

 
$
262,692

 
$
224,577

 
$
151,791

 
$
178,715

 
$
183,359

 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to fixed charges
 
 

 
2.66

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Ratio of earnings to combined fixed charges and preferred stock dividends
 
 

 
2.25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Deficit (Fixed charges)
$
32,020

 
$
53,250

 


 
$
44,844

 
$
26,488

 
$
38,495

 
 
 
 
 
 
 
 
 
 
 
 
 Deficit (Combined fixed charges and preferred stock dividends)
$
42,976

 
$
89,522

 


 
$
78,806

 
$
60,450

 
$
72,297