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, 2016
Earnings:
 
 
Income from continuing operations before equity in income of unconsolidated entities and income taxes
 
$
8,078

Combined fixed charges and preferred share dividends (from below)
 
29,202

Amortization of capitalized interest
 
680

Subtract:
 
 
Capitalized interest (from below)
 
(1,753
)
Preferred share dividends included in fixed charges
 
(3,552
)
Preferred unit distributions included in fixed charges
 
(165
)
Preferred distributions of other consolidated entities
 
(4
)
Total earnings
 
$
32,486

 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
Combined fixed charges and preferred share dividends:
 
 
Interest expense on continuing operations
 
$
23,559

Capitalized interest (internal and external)
 
1,753

Interest included in rental expense
 
169

Preferred share dividends
 
3,552

Preferred unit distributions
 
165

Preferred distributions of other consolidated entities
 
4

Total combined fixed charges and preferred share dividends
 
$
29,202

 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.11

 
 
 

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 of equity investees to income from continuing operations before noncontrolling interests, equity in income of unconsolidated entities and income taxes. Fixed charges consist of interest costs and capitalized amortization of debt issuance costs.