Vornado Realty (VNOD) 8-K 2014 FY Other Events

EXHIBIT 12.1
COMPUTATION OF RATIOS
(UNAUDITED)
Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2014, 2013, 2012, 2011 and 2010 are as follows:
		For the Year Ended December 31,
(Amounts in thousands)		2014		2013		2012		2011		2010
Income from continuing operations before income taxes and
	income from partially owned entities	$	492,492	$	328,810	$	(29,300)	$	358,473	$	487,589
Fixed charges			487,651		480,058		457,247		461,311		481,716
Income distributions from partially owned entities			96,286		54,030		226,172		93,635		61,037
Capitalized interest and debt expense			(62,786)		(42,303)		(16,801)		(1,197)		(864)
Earnings - Numerator		$	1,013,643	$	820,595	$	637,318	$	912,222	$	1,029,478
Interest and debt expense		$	412,755	$	425,782	$	431,235	$	453,420	$	473,938
Capitalized interest and debt expense			62,786		42,303		16,801		1,197		864
1/3 of rental expense – interest factor			12,110		11,973		9,211		6,694		6,914
Fixed charges - Denominator			487,651		480,058		457,247		461,311		481,716
Preferred unit distributions			81,514		83,965		86,873		82,384		73,726
Combined fixed charges and preference distributions - Denominator		$	569,165	$	564,023	$	544,120	$	543,695	$	555,442
Ratio of earnings to fixed charges			2.08		1.71		1.39		1.98		2.14
Ratio of earnings to combined fixed charges and preference distributions			1.78		1.45		1.17		1.68		1.85
Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and debt expense, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference distributions equals fixed charges plus preferred unit distributions.