EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
 
 
Three Months Ended
March 31, 2014
Earnings:
 
 
Income from continuing operations before equity in income of unconsolidated entities and income taxes
 
$
5,664

Combined fixed charges and preferred share dividends (from below)
 
27,222

Amortization of capitalized interest
 
577

Distributed income of equity investees
 
53

Subtract:
 
 
Capitalized interest (from below)
 
(1,589
)
Preferred share dividends included in fixed charges
 
(4,490
)
Preferred unit distributions included in fixed charges
 
(165
)
Preferred distributions of other consolidated entities
 
(4
)
Total earnings
 
$
27,268

 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
Combined fixed charges and preferred share dividends:
 
 
Interest expense on continuing operations
 
$
20,827

Capitalized interest (internal and external)
 
1,589

Interest included in rental expense
 
147

Preferred share dividends
 
4,490

Preferred unit distributions
 
165

Preferred distributions of other consolidated entities
 
4

Total combined fixed charges and preferred share dividends
 
$
27,222

 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.00