EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(Dollars in thousands)

 
 
Years Ended December 31,
Earnings:
 
2015
 
2014
 
2013
 
2012
 
2011
Income (loss) from continuing operations before equity in income (loss) of unconsolidated entities and income taxes
 
$
120,812

 
$
34,590

 
$
36,704

 
$
8,894

 
$
(85,574
)
Gain on sales of real estate, excluding discontinued operations
 
68,047

 
10,671

 
9,016

 
21

 
2,732

Fixed charges (from below)
 
96,867

 
99,243

 
99,676

 
111,825

 
122,397

Amortization of capitalized interest
 
2,591

 
2,374

 
1,977

 
1,798

 
1,610

Distributed income (loss) of equity investees
 
361

 
225

 
1,857

 

 
(31
)
Subtract:
 
 
 
 
 
 
 
 
 
 
Capitalized interest (from below)
 
(7,151
)
 
(6,065
)
 
(8,785
)
 
(13,903
)
 
(17,400
)
Preferred distributions of other consolidated entities
 
(16
)
 
(16
)
 
(16
)
 

 

Total earnings
 
$
281,511

 
$
141,022

 
$
140,429

 
$
108,635

 
$
23,734

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense on continuing operations
 
$
89,074

 
$
92,393

 
$
82,010

 
$
86,401

 
$
90,037

Interest expense on discontinued operations
 

 

 
8,221

 
10,397

 
14,264

Capitalized interest (internal and external)
 
7,151

 
6,065

 
8,785

 
13,903

 
17,400

Amortization of debt issuance costs-capitalized
 
8

 
186

 
144

 
649

 
183

Interest included in rental expense
 
618

 
583

 
500

 
475

 
513

Preferred distributions of other consolidated entities
 
16

 
16

 
16

 

 

Total fixed charges
 
$
96,867

 
$
99,243

 
$
99,676

 
$
111,825

 
$
122,397

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.91

 
1.42

 
1.41

 
0.97

 
0.19

 
 


 


 


 
$
3,190

 
$
98,663


For purposes of calculating the above ratios, earnings were computed by adding fixed charges (excluding capitalized interest), gain on sales of real estate (excluding discontinued operations) amortization of capitalized interest and distributed income (loss) of equity investees to income (loss) from continuing operations before noncontrolling interests, equity in income (loss) of unconsolidated entities and income taxes. Fixed charges consist of interest costs and capitalized amortization of debt issuance costs.