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