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.