Exhibit 12.1
U-Store-It Trust
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
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| Year Ended December 31, |
| Three Months Ended March 31, |
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| 2005 |
| 2006 |
| 2007 |
| 2008 |
| 2009 |
| 2009 |
| 2010 |
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Earnings before fixed charges: |
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Add: |
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Loss from continuing operations |
| $ | (4,576 | ) | $ | (16,820 | ) | $ | (24,370 | ) | $ | (23,428 | ) | $ | (17,017 | ) | $ | (3,786 | ) | $ | (3,192 | ) |
Fixed charges - per below |
| 34,229 |
| 49,695 |
| 56,192 |
| 54,192 |
| 47,831 |
| 11,899 |
| 11,652 |
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Less: |
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Capitalized interest |
| — |
| (35 | ) | (108 | ) | (99 | ) | (73 | ) | (44 | ) | (43 | ) | |||||||
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Earnings before fixed charges |
| 29,653 |
| 32,840 |
| 31,714 |
| 30,665 |
| 30,741 |
| 8,069 |
| 8,417 |
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Fixed charges: |
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Interest expense (including amortization premiums and discounts related to indebtedness) |
| 33,952 |
| 47,600 |
| 55,880 |
| 53,943 |
| 47,608 |
| 11,836 |
| 11,590 |
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Early extinguishment of debt |
| 93 |
| 1,907 |
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| — |
| — |
| — |
| — |
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Capitalized interest |
| — |
| 35 |
| 108 |
| 99 |
| 73 |
| 44 |
| 43 |
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Estimate of interest within rental expense |
| 184 |
| 153 |
| 204 |
| 150 |
| 150 |
| 19 |
| 19 |
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Total Fixed Charges |
| 34,229 |
| 49,695 |
| 56,192 |
| 54,192 |
| 47,831 |
| 11,899 |
| 11,652 |
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Ratio of earnings to fixed charges (a) |
| 0.87 |
| 0.66 |
| 0.56 |
| 0.57 |
| 0.64 |
| 0.68 |
| 0.72 |
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(a) Due to our losses in fiscal 2005, 2006, 2007, 2008, 2009 and 2010, the coverage ratio was less than 1:1. The Company must generate additional earnings of $4.6 million, $16.9 million, $24.5 million, $23.5 million, $17.1 million, $3.8 million, and $3.2 million to achieve a coverage of 1:1 in fiscal 2005, 2006, 2007, 2008, 2009, and the three months ended March 31, 2009 and 2010, repectively.