EXHIBIT 12.2
Corporate Office Properties, L.P.
Ratio of Earnings to Fixed Charges
(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
)
Fixed charges (from below)
 
20,320

Amortization of capitalized interest
 
661

Distributed income of equity investees
 
375

Subtract:
 
 
Capitalized interest (from below)
 
(1,374
)
Preferred distributions of other consolidated entities
 
(3
)
Total earnings
 
$
38,441

 
 
 
Fixed charges:
 
 
Interest expense on continuing operations
 
$
18,784

Capitalized interest (internal and external)
 
1,374

Interest included in rental expense
 
159

Preferred distributions of other consolidated entities
 
3

Total fixed charges
 
$
20,320

 
 
 
Ratio of earnings to fixed charges
 
1.89

 
 
 

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.