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, 2018
Earnings:
 
 
Income before equity in income of unconsolidated entities and income taxes
 
$
18,466

Gain on sales of real estate
 
(4
)
Combined fixed charges and preferred share dividends (from below)
 
20,485

Amortization of capitalized interest
 
661

Distributed income of equity investees
 
375

Subtract:
 
 
Capitalized interest (from below)
 
(1,374
)
Preferred unit distributions included in fixed charges
 
(165
)
Preferred distributions of other consolidated entities
 
(3
)
Total earnings
 
$
38,441

 
 
 
Combined Fixed Charges and Preferred Share Dividends:
 
 
Combined fixed charges and preferred share dividends:
 
 
Interest expense on continuing operations
 
$
18,784

Capitalized interest (internal and external)
 
1,374

Interest included in rental expense
 
159

Preferred unit distributions
 
165

Preferred distributions of other consolidated entities
 
3

Total combined fixed charges and preferred share dividends
 
$
20,485

 
 
 
Ratio of earnings to combined fixed charges and preferred share dividends
 
1.88

 
 
 

For purposes of calculating the above ratios, earnings were computed by adding fixed charges (excluding capitalized interest), gain on sales of real estate, 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.