Comfort Inn 2013 Annual Report Download - page 134
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Exhibit 12.1
Ratio of Earnings to Fixed Charges
Amounts in Thousands (except ratios) (1)
Year Ended December 31,
2009
2010
2011
2012
2013
Earnings:
Pre-tax income from continuing operations $150,634
$158,211
$158,057 $169,168 $156,918
Less: Income from equity investees 1,113
1,226
269 212 634
Pre-tax income from continuing operations before adjustment for
income from equity investees 149,521
156,985
157,788 168,956 156,284
Add:
Fixed charges 6,956
10,498
19,657 34,210 50,444
Distributions from equity investees 1,337
1,155
1,139 1,310 1,445
Total Earnings $157,814
$168,638
$178,584 $204,476 $208,173
Fixed Charges:
Interest expense and amortization of loan costs (2)(3) $4,693
$7,641
$16,849 $ 31,108 $ 46,176
Rental expense interest component (4) 2,263
2,857
2,808 3,102 4,268
Total Fixed Charges $6,956
$10,498
$19,657 $34,210 $50,444
Ratio of Earnings to Fixed Charges 22.7
16.1
9.1 6.0 4.1
(1) The Company had no preferred stock outstanding and did not pay preferred dividends in any of the periods presented. Consequently, the
Company's ratio of earnings to combined fixed charges and preferred stock dividends for each of such periods is identical to the
Company's ratio of earnings to fixed charges as indicated above.
(2) Excludes losses recognized oN early extinguishment of debt.
(3) The Company records interest expense accrued on uncertain tax positions as a component of income taxes. The Company has excluded
these costs from both the earnings and fixed charges calculation.
(4) The Company utilized one-third of rental expenses relating to operating leases as the interest portion which it believes is a reasonable
approximation of the interest factor.