EX-12.1 5 spprexh12_1.htm

SUPERTEL HOSPITALITY, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION
OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS

(Dollars in Thousands)

 

Three Months Ended

 

 

 

 

 

 

 

 

 

March 31,

 

 

 

 

 

2008

 

2008

 

2007

 

2007

2006

2005

2004

2003

 

Pro Forma

 

Historical

 

Pro Forma

 

Historical

 

Consolidated

(a)(b)

Consolidated

(b)

Consolidated

(a)

Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations
before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$ (1,591)

 

$ (1,591)

 

$ 3,774

 

$ 3,774

$ 3,614

$ 2,747

$ 1,057

$ 220

Interest expense and deferred financing cost [c]

 

3,477

(d)

3,660

 

12,207

(e)

12,908

8,255

5,959

5,583

6,786

Minority interest

 

(13)

 

(13)

 

337

 

337

334

226

218

270

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$ 1,873

 

$ 2,056

 

$ 16,318

 

$ 17,019

$ 12,203

$ 8,932

$ 6,858

$ 7,276

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and deferred financing cost [c]

 

3,477

(d)

3,660

 

12,207

(e)

12,908

8,255

5,959

5,583

6,786

Preferred stock dividend

 

386

(f)

186

 

1,748

(g)

948

1,215

6

-

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined fixed charges and
preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

$ 3,863

 

$ 3,846

 

$ 13,955

 

$ 13,856

$ 9,470

$ 5,965

$ 5,583

$ 6,786

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.485

 

0.535

 

1.169

 

1.228

1.289

1.497

1.228

1.072

 

[a] Reflects the issuance of 320,000 shares of 10% Series B Cumulative Preferred Stock

[b] The earnings were insufficient to cover fixed charges for the Pro Forma and Historical by approximately $2.0 million and $1.8 million, respectively, for the three months ended March 31, 2008

[c] For purposes of this statement, interest expense consists of interest on all indebtedness including amounts allocated to discontinued operations, in accordance with FASB Statement No. 144

[d] Interest expense $3,660 less reduction due to pay down proceeds of $183

[e] Interest expense $12,908 less reduction due to pay down proceeds of $701

[f] Preferred stock dividend of $186 from Series A preferred stock plus additional dividend of Series B preferred stock of $200 ($8,000 @ 10% for 3 months)

[g] Preferred stock dividend of $948 from Series A preferred stock plus additional dividend of Series B preferred stock of $800 ($8,000 @ 10%)