Exhibit 12.1
| The Company | Thomas Properties Group Predecessor | |||||||||||||||||||||||||||||
| Consolidated Six Months Ended June 30, 2009 | Consolidated Six Months Ended June 30, 2008 | Consolidated Year Ended December 31, 2008 | Consolidated Year Ended December 31, 2007 | Consolidated Year Ended December 31, 2006 | Consolidated Year Ended December 31, 2005 | Consolidated Period October 13 – December 31, 2004 | Combined Period January 1 – October 12, 2004 | |||||||||||||||||||||||
Ratio of earnings to fixed charges | ||||||||||||||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||||
Interest expense | $ | 13,628 | $ | 7,937 | $ | 22,763 | $ | 17,721 | $ | 20,570 | $ | 20,784 | $ | 5,611 | $ | 18,695 | ||||||||||||||
Capitalized interest | — | 7,981 | 8,130 | 10,295 | 5,380 | 2,165 | 238 | 116 | ||||||||||||||||||||||
Interest within rental expense | 55 | 42 | 95 | 80 | 76 | 78 | 16 | 72 | ||||||||||||||||||||||
Fixed charges | 13,683 | 15,960 | 30,988 | 28,096 | 26,026 | 23,027 | 5,865 | 18,883 | ||||||||||||||||||||||
Net income (loss) | (2,920 | ) | 5,167 | (5,486 | ) | (903 | ) | (2,049 | ) | 644 | (581 | ) | (5,006 | ) | ||||||||||||||||
Noncontrolling interests | (3,579 | ) | 5,858 | (4,881 | ) | 127 | (1,105 | ) | 1,231 | (1,128 | ) | 1,614 | ||||||||||||||||||
Equity in net loss (income) of unconsolidated real estate entities | (2,508 | ) | 5,140 | 12,828 | 14,853 | 12,909 | 16,259 | 988 | 1,099 | |||||||||||||||||||||
Provision (benefit) for income taxes | 238 | 4,054 | (1,885 | ) | 1,221 | 635 | 698 | (390 | ) | — | ||||||||||||||||||||
Distributed income from unconsolidated/ uncombined real estate entities | 19 | 28 | 462 | 1,113 | 980 | 2,108 | — | — | ||||||||||||||||||||||
Total | $ | 4,933 | $ | 36,207 | $ | 32,026 | $ | 44,507 | $ | 37,396 | $ | 43,967 | $ | 4,754 | $ | 16,590 | ||||||||||||||
Ratio of earnings to fixed charges | — | 2.27x | 1.03x | 1.58x | 1.44x | 1.91x | — | — | ||||||||||||||||||||||
Deficiency | $ | 8,750 | N/A | N/A | N/A | N/A | N/A | $ | 1,111 | $ | 2,293 | |||||||||||||||||||
In computing the ratios above, earnings consist of net income (loss) on a pre-tax basis from continuing operations for us and our consolidated subsidiaries plus distributed income from unconsolidated/uncombined real estate entities, but before equity in net loss (income) of unconsolidated/uncombined real estate entities, noncontrolling interests, taxes and fixed charges. Fixed charges consist of interest expense (including an estimate of the interest within rental expense), capitalized interest, amortization of deferred financing fees (whether expensed or capitalized) and amortization of discounts or premiums related to indebtedness. We have not issued any preferred stock shares. We have estimated for purposes of the above ratios interest within rental expense at one-third.
