For the year ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||
Net (loss) income from continuing operations | $ | (3,698 | ) | $ | 3,596 | $ | (5,902 | ) | (1) | $ | 1,527 | $ | 3,761 | ||||||||
Add: fixed charges and preferred and senior common distributions | 35,075 | 35,871 | 33,592 | 31,506 | 26,962 | ||||||||||||||||
Less: preferred and senior common distributions | (7,656 | ) | (5,101 | ) | (4,636 | ) | (4,394 | ) | (4,206 | ) | |||||||||||
Earnings | $ | 23,721 | $ | 34,366 | $ | 23,054 | $ | 28,639 | $ | 26,517 | |||||||||||
Fixed charges and preferred and senior common distributions: | |||||||||||||||||||||
Interest expense (2) | 25,472 | 28,802 | 27,284 | 25,314 | 21,239 | ||||||||||||||||
Amortization of deferred financing fees | 1,932 | 1,955 | 1,656 | 1,780 | 1,502 | ||||||||||||||||
Estimated interest component of rent | 15 | 13 | 16 | 18 | 15 | ||||||||||||||||
Preferred and senior common distributions | 7,656 | 5,101 | 4,636 | 4,394 | 4,206 | ||||||||||||||||
Total fixed charges and preferred and senior common distributions | $ | 35,075 | $ | 35,871 | $ | 33,592 | $ | 31,506 | $ | 26,962 | |||||||||||
Ratio of earnings to combined fixed charges and preferred distributions | N/A | (3) | N/A | (4) | N/A | (5) | N/A | (6) | N/A | (7) |
(1) | We recognized a $14.2 million impairment loss and a $5.3 million gain on debt extinguishment as a result of our Roseville, MN deed-in-lieu transaction during the year ended December 31, 2014. |
(2) | Interest expense includes dividends paid on our mandatorily redeemable term preferred stock. |
(3) | For the year ended December 31, 2016, earnings, as defined, were insufficient to cover fixed charges and preferred and common distributions by $11,354. |
(4) | For the year ended December 31, 2015, earnings, as defined, were insufficient to cover fixed charges and preferred and common distributions by $1,505. |
(5) | For the year ended December 31, 2014, earnings, as defined, were insufficient to cover fixed charges and preferred and common distributions by $10,538. |
(6) | For the year ended December 31, 2013, earnings, as defined, were insufficient to cover fixed charges and preferred and common distributions by $2,867. |
(7) | For the year ended December 31, 2012, earnings, as defined, were insufficient to cover fixed charges and preferred and common distributions by $445. |