EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
 
 
Six Months Ended
 
 
June 30, 2015
Earnings:
 
 
Income from continuing operations before equity in income of unconsolidated entities and income taxes
 
$
27,897

Gain on sales of real estate, excluding discontinued operations
 
3,985

Combined fixed charges and preferred share dividends (from below)
 
54,416

Amortization of capitalized interest
 
1,274

Distributed income of equity investees
 
353

Subtract:
 
 
Capitalized interest (from below)
 
(4,082
)
Preferred share dividends included in fixed charges
 
(7,105
)
Preferred unit distributions included in fixed charges
 
(330
)
Preferred distributions of other consolidated entities
 
(8
)
Total earnings
 
$
76,400

 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
Combined fixed charges and preferred share dividends:
 
 
Interest expense on continuing operations
 
$
42,606

Capitalized interest (internal and external)
 
4,082

Amortization of debt issuance costs-capitalized
 
8

Interest included in rental expense
 
277

Preferred share dividends
 
7,105

Preferred unit distributions
 
330

Preferred distributions of other consolidated entities
 
8

Total combined fixed charges and preferred share dividends
 
$
54,416

 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.40