Exhibit 12.2
DuPont Fabros Technology, Inc.
DuPont Fabros Technology, L.P.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock/Unit Dividends
(in thousands, except ratios)
Year ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: | |||||||||||||||||||
Net (loss) income | $ | (4,086 | ) | $ | 124,611 | $ | 53,605 | $ | 60,833 | $ | 79,480 | ||||||||
Add: Fixed charges | 56,160 | 47,059 | 53,920 | 56,100 | 58,077 | ||||||||||||||
Less: Capitalized interest | (12,301 | ) | (10,245 | ) | (4,000 | ) | (4,711 | ) | (28,411 | ) | |||||||||
Total earnings | $ | 39,773 | $ | 161,425 | $ | 103,525 | $ | 112,222 | $ | 109,146 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 40,570 | $ | 33,699 | $ | 46,443 | $ | 47,765 | $ | 27,096 | |||||||||
Capitalized interest | 11,564 | 9,644 | 3,774 | 4,434 | 27,024 | ||||||||||||||
Amortization of deferred financing costs | 3,151 | 2,980 | 3,349 | 3,496 | 2,446 | ||||||||||||||
Capitalization of amortization of deferred financing costs | 737 | 601 | 226 | 277 | 1,387 | ||||||||||||||
Interest factor in rents | 138 | 135 | 128 | 128 | 124 | ||||||||||||||
Total fixed charges | $ | 56,160 | $ | 47,059 | $ | 53,920 | $ | 56,100 | $ | 58,077 | |||||||||
Preferred stock/unit dividend requirements | 27,245 | 27,245 | 27,245 | 27,053 | 20,874 | ||||||||||||||
Combined fixed charges and preferred stock/unit dividends | $ | 83,405 | $ | 74,304 | $ | 81,165 | $ | 83,153 | $ | 78,951 | |||||||||
Ratio of earnings to fixed charges and preferred stock/unit dividends | (1) | 2.17 | 1.28 | 1.35 | 1.38 |
(1) | The shortfall of earnings to fixed charges and preferred stock/unit dividends for the year ended December 31, 2015 was $43.6 million. Included in earnings for the year was a $122.5 million impairment charge related to our NJ1 data center facility. |