EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
 
 
Nine Months Ended
September 30, 2017
 
 
Earnings:
 
 
Income before equity in income of unconsolidated entities and income taxes
 
$
57,522

Gain on sales of real estate
 
5,438

Combined fixed charges and preferred share dividends (from below)
 
69,178

Amortization of capitalized interest
 
1,968

Distributed income of equity investees
 
1,122

Subtract:
 
 
Capitalized interest (from below)
 
(4,197
)
Preferred share dividends included in fixed charges
 
(6,219
)
Preferred unit distributions included in fixed charges
 
(495
)
Preferred distributions of other consolidated entities
 
(12
)
Total earnings
 
$
124,305

 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
Combined fixed charges and preferred share dividends:
 
 
Interest expense
 
$
57,772

Capitalized interest (internal and external)
 
4,197

Interest included in rental expense
 
483

Preferred share dividends
 
6,219

Preferred unit distributions
 
495

Preferred distributions of other consolidated entities
 
12

Total combined fixed charges and preferred share dividends
 
$
69,178

 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.80

 
 
 

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 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.