EX-12.1 3 a50563878ex12_1.htm EXHIBIT 12.1 a50563878ex12_1.htm
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.