EX-12.1 2 stag-123117xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Statement of Computation of Ratios of Earnings to Fixed Charges and
Preferred Stock Dividends
(dollars in thousands)
 
 
Year ended December 31,
 
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
42,469

 
$
42,923

 
$
36,098

 
$
25,109

 
$
20,319

Interest capitalized
 
141

 
133

 
—

 
—

 
—

Interest within rental expense
 
355

 
357

 
358

 
245

 
156

Fixed charges
 
$
42,965

 
$
43,413

 
$
36,456

 
$
25,354

 
$
20,475

Earnings
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
32,200

 
35,588

 
(29,345
)
 
(4,685
)
 
106

Fixed Charges
 
42,965

 
43,413

 
36,456

 
25,354

 
20,475

Add: Amortization of interest capitalized
 
6

 
1

 
—

 
—

 
—

Less: Interest capitalized
 
(141
)
 
(133
)
 
—

 
—

 
—

Earnings
 
$
75,030

 
$
78,869

 
$
7,111

 
$
20,669

 
$
20,581

Preferred Dividends
 
 
 
 
 
 
 
 
 
 
Preferred stock dividends
 
$
9,794

 
$
13,897

 
$
10,848

 
$
10,848

 
$
9,495

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.75
x

1.82
x

0.20
x

0.82
x

1.01
x
Inadequate amount
 
$
—


$
—


$
(29,345
)

$
(4,685
)

$
—

Ratio of earnings to combined fixed charges and preferred dividends
 
1.42
x

1.38
x

0.15
x

0.57
x

0.69
x
Inadequate amount
 
$
—


$
—


$
(40,193
)

$
(15,533
)

$
(9,389
)