Attached files
| file | filename |
|---|---|
| EX-32.1 - EX-32.1 - Sunstone Hotel Investors, Inc. | sho-20161231ex321b4cfa4.htm |
| EX-31.2 - EX-31.2 - Sunstone Hotel Investors, Inc. | sho-20161231ex31286b39e.htm |
| EX-31.1 - EX-31.1 - Sunstone Hotel Investors, Inc. | sho-20161231ex311966242.htm |
| EX-23.1 - EX-23.1 - Sunstone Hotel Investors, Inc. | sho-20161231ex231a3d6e3.htm |
| EX-21.1 - EX-21.1 - Sunstone Hotel Investors, Inc. | sho-20161231ex2113c0550.htm |
| EX-10.20 - EX-10.20 - Sunstone Hotel Investors, Inc. | sho-20161231ex1020a6bdf.htm |
| 10-K - 10-K - Sunstone Hotel Investors, Inc. | sho-20161231x10k.htm |
Exhibit 12
Sunstone Hotel Investors, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands, except ratio amounts)
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Year Ended |
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Year Ended |
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Year Ended |
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Year Ended |
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Year Ended |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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|
|
2016 |
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2015 |
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2014 |
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2013 |
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2012 |
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Earnings: |
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|
|
|
|
|
|
|
|
|
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|||||
|
Income from continuing operations |
|
$ |
140,677 |
|
$ |
339,624 |
|
$ |
83,090 |
|
$ |
21,591 |
|
$ |
1,147 |
|
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Equity in net earnings of unconsolidated joint ventures |
|
— |
|
— |
|
— |
|
— |
|
— |
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|||||
|
Interest expense and amortization of deferred financing fees |
|
50,283 |
|
66,516 |
|
72,315 |
|
72,239 |
|
76,821 |
|
|||||
|
Interest portion of rental expense |
|
4,321 |
|
5,589 |
|
5,984 |
|
6,475 |
|
6,602 |
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|||||
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense and amortization of deferred financing fees |
|
— |
|
— |
|
— |
|
99 |
|
6,490 |
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|||||
|
Total earnings |
|
$ |
195,281 |
|
$ |
411,729 |
|
$ |
161,389 |
|
$ |
100,404 |
|
$ |
91,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|||||
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Combined Fixed Charges and Preferred Stock Dividends: |
|
|
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|
|
|
|
|
|
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|||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense and amortization of deferred financing fees |
|
$ |
50,283 |
|
$ |
66,516 |
|
$ |
72,315 |
|
$ |
72,239 |
|
$ |
76,821 |
|
|
Interest portion of rental expense |
|
4,321 |
|
5,589 |
|
5,984 |
|
6,475 |
|
6,602 |
|
|||||
|
Preferred dividends |
|
15,964 |
|
9,200 |
|
9,200 |
|
19,013 |
|
29,748 |
|
|||||
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense and amortization of deferred financing fees |
|
— |
|
— |
|
— |
|
99 |
|
6,490 |
|
|||||
|
Total combined fixed charges and preferred stock dividends |
|
$ |
70,568 |
|
$ |
81,305 |
|
$ |
87,499 |
|
$ |
97,826 |
|
$ |
119,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Ratio of earnings to combined fixed charges and preferred stock dividends |
|
2.77 |
|
5.06 |
|
1.84 |
|
1.03 |
|
— |
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|
|
|
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Deficiency of earnings to combined fixed charges and preferred stock dividends |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(28,601) |
|