Exhibit 12.1
Whitestone REIT
Calculation of Consolidated Ratio of Earnings to Fixed Charges
(dollars in thousands) (unaudited)
Three Months Ended | Year Ended December 31, | |||||||||||||||||
March 31, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||
Earnings | ||||||||||||||||||
Income (Loss) from continuing operations | $ | 860 | $ | 1,333 | $ | 1,575 | $ | 2,075 | $ | (1,676 | ) | $ | (712 | ) | ||||
Plus: Taxes | 65 | 225 | 264 | 222 | 219 | 217 | ||||||||||||
Plus: Fixed Charges | 2,017 | 6,344 | 6,040 | 6,189 | 7,302 | 5,792 | ||||||||||||
Less: Capitalized Interest | — | — | — | — | (373 | ) | (144 | ) | ||||||||||
Total Earnings | $ | 2,942 | $ | 7,902 | $ | 7,879 | $ | 8,486 | $ | 5,472 | $ | 5,153 | ||||||
Fixed Charges | ||||||||||||||||||
Interest Expense | $ | 1,712 | $ | 5,728 | $ | 5,620 | $ | 5,749 | $ | 5,857 | $ | 5,402 | ||||||
Plus: Capitalized Interest | 44 | — | — | — | 373 | 144 | ||||||||||||
Plus: Amortization of deferred financing cost | 261 | 616 | 420 | 440 | 1,072 | 246 | ||||||||||||
Total Fixed Charges | $ | 2,017 | $ | 6,344 | $ | 6,040 | $ | 6,189 | $ | 7,302 | $ | 5,792 | ||||||
Ratio of Earnings to Fixed Charges | 1.46 | 1.25 | 1.30 | 1.37 | 0.75 | 0.89 |