Exhibit 12.1
CORPORATE OFFICE PROPERTIES TRUST
Ratio of earnings to combined fixed charges and preferred share dividends
(Dollars in thousands)
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Nine months ended September 30, 2003 |
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Historical |
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As |
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As Further |
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Income before minority interest, income taxes, discontinued operations, extraordinary item and cumulative effect of accounting change |
|
26,000 |
|
25,704 |
|
26,792 |
|
|
Equity in loss (income) in unconsolidated entities |
|
91 |
|
91 |
|
91 |
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|
Distributed income of equity investees |
|
— |
|
— |
|
— |
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|
Fixed charges (from below) |
|
55,518 |
|
55,814 |
|
57,539 |
|
|
Capitalized interest (from below) |
|
(2,019 |
) |
(2,315 |
) |
(2,315 |
) |
|
Preferred share dividends included in fixed charges |
|
(8,224 |
) |
(8,224 |
) |
(11,037 |
) |
|
Preferred unit distributions included in fixed charges |
|
(1,049 |
) |
(1,049 |
) |
(1,049 |
) |
|
Repurchase of preferred units in excess of recorded book value |
|
(11,224 |
) |
(11,224 |
) |
(11,224 |
) |
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Total earnings |
|
59,093 |
|
58,797 |
|
58,797 |
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|
|
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Fixed charges and preferred dividends: |
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|
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|
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Interest expense on continuing operations |
|
30,608 |
|
30,608 |
|
29,520 |
|
|
Interest expense on discontinued operations |
|
100 |
|
100 |
|
100 |
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|
Capitalized interest |
|
2,019 |
|
2,315 |
|
2,315 |
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Amortization of debt issuance costs-expensed |
|
1,957 |
|
1,957 |
|
1,957 |
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Amortization of debt issuance costs-capitalized |
|
— |
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— |
|
— |
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|
Preferred share dividends |
|
8,224 |
|
8,224 |
|
11,037 |
|
|
Preferred unit distributions |
|
1,049 |
|
1,049 |
|
1,049 |
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|
Interest included in rental expense |
|
337 |
|
337 |
|
337 |
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|
Repurchase of preferred units in excess of recorded book value |
|
11,224 |
|
11,224 |
|
11,224 |
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|
Total fixed charges and preferred dividends |
|
55,518 |
|
55,814 |
|
57,539 |
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|
|
|
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Ratio of earnings to combined fixed charges and preferred dividends |
|
1.06 |
|
1.05 |
|
1.02 |
|