EX-12.1 4 a18-21054_1ex12d1.htm EX-12.1

Exhibit 12.1

 

Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

 

 

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

Year Ended December 31,

 

 

 

30-Jun-18

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

 

(In thousands, except ratio amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations (including gain/loss on disposal of hotel properties)

 

$

91,982

 

$

117,857

 

$

209,504

 

$

180,686

 

$

137,625

 

$

107,622

 

Fixed charges

 

58,309

 

82,413

 

60,973

 

58,715

 

60,004

 

66,252

 

Amortization of capitalized interest

 

36

 

73

 

73

 

29

 

—

 

—

 

Capitalized interest

 

—

 

—

 

—

 

(1,774

)

(1,134

)

—

 

Earnings

 

$

150,327

 

$

200,343

 

$

270,549

 

$

237,656

 

$

196,495

 

$

173,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed (including discontinued operations)

 

$

54,144

 

$

78,322

 

$

58,820

 

$

54,788

 

$

56,810

 

$

64,721

 

Capitalized interest

 

—

 

—

 

—

 

1,774

 

1,134

 

—

 

Estimated interest component of rental expense

 

4,165

 

4,091

 

2,153

 

2,153

 

2,060

 

1,531

 

Fixed charges

 

58,309

 

82,413

 

60,973

 

58,715

 

60,004

 

66,252

 

Distributions to preferred unitholders

 

12,557

 

8,372

 

—

 

—

 

—

 

—

 

Combined fixed charges

 

$

70,866

 

$

90,785

 

$

60,973

 

$

58,715

 

$

60,004

 

$

66,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred unitholder distributions

 

2.12

 

2.21

 

4.44

 

4.05

 

3.27

 

2.62