Piedmont Office Realty Trust (PDM) 10-K/A 2016 FY Annual report (amended)

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands, except ratios)

	Year ended December 31,
	2016			2015			2014			2013			2012
	(Restated)			(Restated)			(Revised)
Fixed Charges:
Interest Expense	$	69,415		$	77,764		$	76,520		$	73,614		$	65,023
Interest Expense Included in Discontinued Operations	—			—			—			—			—
Total	69,415			77,764			76,520			73,614			65,023
Earnings:
Income from Continuing Operations	99,717			131,236			40,949			72,198			59,534
Less Equity in (Income)/Loss of Unconsolidated Joint Ventures	(362		)	(553		)	350			3,676			(923		)
Operating Distributions Received from Unconsolidated Joint Ventures	579			774			266			1,475			2,338
Fixed Charges	69,415			77,764			76,520			73,614			65,023
Less Preferred Dividends of Consolidated Subsidiaries	(15		)	(15		)	(15		)	(15		)	(15		)
Total	$	169,334		$	209,206		$	118,070		$	150,948		$	125,957
Ratio of Earnings to Fixed Charges:(1)	2.4			2.7			1.5			2.1			1.9

⁽¹⁾  There was no preferred stock outstanding for any of the periods shown above. Accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends was identical to the ratio of earnings to fixed charges for each period.