Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - Chesapeake Lodging Trust | chsp-20151231xex312.htm |
| EX-31.1 - EXHIBIT 31.1 - Chesapeake Lodging Trust | chsp-20151231xex311.htm |
| EX-23.1 - EXHIBIT 23.1 - Chesapeake Lodging Trust | chsp-20151231xex231.htm |
| EX-32.2 - EXHIBIT 32.2 - Chesapeake Lodging Trust | chsp-20151231xex322.htm |
| EX-21.1 - EXHIBIT 21.1 - Chesapeake Lodging Trust | chsp-20151231xex211.htm |
| EX-32.1 - EXHIBIT 32.1 - Chesapeake Lodging Trust | chsp-20151231xex321.htm |
| 10-K - 10-K - Chesapeake Lodging Trust | chsp-20151231x10k.htm |
Exhibit 12.1
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Share Dividends
The following table sets forth our ratio of earnings to combined fixed charges and preferred share dividends for the periods shown (in thousands, except ratio amount):
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Income before income taxes | $ | 70,103 | $ | 61,489 | $ | 46,973 | $ | 27,915 | $ | 9,154 | ||||||||||
Add: | ||||||||||||||||||||
Interest expense (including amortization of capitalized interest) | 31,856 | 27,357 | 25,780 | 20,976 | 12,868 | |||||||||||||||
Portion of rental expense representing interest | 2,041 | 1,371 | 1,102 | 349 | 40 | |||||||||||||||
Total earnings | $ | 104,000 | $ | 90,217 | $ | 73,855 | $ | 49,240 | $ | 22,062 | ||||||||||
Fixed charges and preferred share dividends: | ||||||||||||||||||||
Interest expense (including amortization of capitalized interest) | $ | 31,856 | $ | 27,357 | $ | 25,780 | $ | 20,976 | $ | 12,868 | ||||||||||
Portion of rental expense representing interest | 2,041 | 1,371 | 1,102 | 349 | 40 | |||||||||||||||
Preferred share dividends | 9,688 | 9,688 | 9,688 | 4,413 | — | |||||||||||||||
Total fixed charges and preferred share dividends | $ | 43,585 | $ | 38,416 | $ | 36,570 | $ | 25,738 | $ | 12,908 | ||||||||||
Ratio of earnings to combined fixed charges and preferred share dividends | 2.4 | 2.3 | 2.0 | 1.9 | 1.7 | |||||||||||||||
On July 17, 2012, we issued 5,000,000 of our 7.75% Series A Cumulative Redeemable Preferred Shares and accordingly preferred share dividends from that date through December 31, 2015 are included in the calculation of ratio of earnings to combined fixed charges and preferred share dividends. For the year ended December 31, 2011, we had no outstanding preferred shares, and therefore, there were no preferred share dividends included in the calculation of earnings to combined fixed charges and preferred share dividends for this period.