Exhibit 12.1
DUPONT FABROS TECHNOLOGY, INC.
AND THE PREDECESSOR, SAFARI VENTURES LLC
Computation of Ratio of Earnings to Combined Fixed Charges
(Unaudited)
(Amounts in thousands, except ratios)
| DFT | Predecessor | |||||||||||||||||||||||||||||||||||
| For the three months ended March 31, 2010 | For the three months ended March 31, 2009 | For the year ended December 31, 2009 | For the year ended December 31, 2008 | For the period from October 24, 2007 to December 31, 2007 | For the period from January 1, 2007 to October 23, 2007 | For the year ended December 31, 2006 | For the year ended December 31, 2005 | For the year ended December 31, 2004 | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5,231 | $ | 3,257 | $ | 2,886 | $ | 36,160 | $ | (186,548 | ) | $ | (1,619 | ) | $ | (505 | ) | $ | (608 | ) | $ | (374 | ) | |||||||||||||
Add: Fixed charges | 17,010 | 9,628 | 41,455 | 28,199 | 4,393 | 16,902 | 8,910 | 106 | — | |||||||||||||||||||||||||||
Less: Capitalized interest | (4,403 | ) | (2,047 | ) | (7,021 | ) | (15,448 | ) | (2,842 | ) | (1,027 | ) | (2,630 | ) | (62 | ) | — | |||||||||||||||||||
Total earnings (loss) | 17,838 | 10,838 | 37,320 | 48,911 | (184,997 | ) | 14,256 | 5,775 | (564 | ) | (374 | ) | ||||||||||||||||||||||||
Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||||||||||||||||
Interest expense | 11,629 | 5,407 | 25,462 | 10,852 | 1,301 | 13,480 | 5,715 | 44 | — | |||||||||||||||||||||||||||
Capitalized interest | 4,074 | 1,642 | 5,691 | 13,150 | 2,567 | 970 | 2,253 | 43 | — | |||||||||||||||||||||||||||
Amortization of deferred financing costs | 947 | 2,144 | 8,854 | 1,782 | 230 | 2,395 | 565 | — | — | |||||||||||||||||||||||||||
Capitalization of amortization of deferred financing costs | 329 | 405 | 1,330 | 2,298 | 275 | 57 | 377 | 19 | ||||||||||||||||||||||||||||
Interest factor in rents | 31 | 30 | 118 | 117 | 20 | — | — | — | — | |||||||||||||||||||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Combined Fixed Charges and Preferred Stock Dividends | $ | 17,010 | $ | 9,628 | $ | 41,455 | $ | 28,199 | $ | 4,393 | $ | 16,902 | $ | 8,910 | $ | 106 | $ | — | ||||||||||||||||||
Ratio of earnings (loss) to combined fixed charges (1) | 1.05 | 1.13 | (2 | ) | 1.73 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | N/A | ||||||||||||||||||||||
| (1) | DFT and its Predecessor did not have any preferred stock outstanding for the periods presented. |
| (2) | The shortfall of earnings (loss) to combined fixed charges for the year ended December 31, 2009 was $4.1 million. Included in earnings (loss) for the year was a charge of $13.7 million related to the discontinuance of a cash flow hedge. The shortfall of earnings (loss) to combined fixed charges for the period from October 24, 2007 to December 31, 2007 was $189.4 million. Included in earnings (loss) for this period was a charge of $176.5 million related to the acquisition of service agreements in connection with DFT’s IPO and $13.4 million of non-cash stock based compensation expense incurred at the time of the IPO. The shortfall of earnings (loss) to combined fixed charges was $2.6 million, $3.1 million, $0.7 million and $0.4 million for the period from January 1, 2007 to October 23, 2007 and the years ending December 31, 2006 and 2005, respectively. |
DUPONT FABROS TECHNOLOGY, L.P.
AND THE PREDECESSOR, SAFARI VENTURES LLC
Computation of Ratio of Earnings to Combined Fixed Charges
(Unaudited)
(Amounts in thousands, except ratios)
| The Operating Partnership | Predecessor | |||||||||||||||||||||||||||||||||||
| For the three months ended March 31, 2010 | For the three months ended March 31, 2009 | For the year ended December 31, 2009 | For the year ended December 31, 2008 | For the period from October 24, 2007 to December 31, 2007 | For the period from January 1, 2007 to October 23, 2007 | For the year ended December 31, 2006 | For the year ended December 31, 2005 | For the year ended December 31, 2004 | ||||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 5,231 | $ | 3,257 | $ | 2,886 | $ | 36,160 | $ | (186,548 | ) | $ | (1,619 | ) | $ | (505 | ) | $ | (608 | ) | $ | (374 | ) | |||||||||||||
Add: Fixed charges | 17,010 | 9,628 | 41,455 | 28,199 | 4,393 | 16,902 | 8,910 | 106 | — | |||||||||||||||||||||||||||
Less: Capitalized interest | (4,403 | ) | (2,047 | ) | (7,021 | ) | (15,448 | ) | (2,842 | ) | (1,027 | ) | (2,630 | ) | (62 | ) | — | |||||||||||||||||||
Total earnings (loss) | 17,838 | 10,838 | 37,320 | 48,911 | (184,997 | ) | 14,256 | 5,775 | (564 | ) | (374 | ) | ||||||||||||||||||||||||
Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||||||||||||||||
Interest expense | 11,629 | 5,407 | 25,462 | 10,852 | 1,301 | 13,480 | 5,715 | 44 | — | |||||||||||||||||||||||||||
Capitalized interest | 4,074 | 1,642 | 5,691 | 13,150 | 2,567 | 970 | 2,253 | 43 | — | |||||||||||||||||||||||||||
Amortization of deferred financing costs | 947 | 2,144 | 8,854 | 1,782 | 230 | 2,395 | 565 | — | — | |||||||||||||||||||||||||||
Capitalization of amortization of deferred financing costs | 329 | 405 | 1,330 | 2,298 | 275 | 57 | 377 | 19 | ||||||||||||||||||||||||||||
Interest factor in rents | 31 | 30 | 118 | 117 | 20 | — | — | — | — | |||||||||||||||||||||||||||
Preferred stock dividend requirements | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Combined Fixed Charges and Preferred Stock Dividends | $ | 17,010 | $ | 9,628 | $ | 41,455 | $ | 28,199 | $ | 4,393 | $ | 16,902 | $ | 8,910 | $ | 106 | $ | — | ||||||||||||||||||
Ratio of earnings (loss) to combined fixed charges (1) | 1.05 | 1.13 | (2 | ) | 1.73 | (2 | ) | (2 | ) | (2 | ) | (2 | ) | N/A | ||||||||||||||||||||||
| (1) | The Operating Partnership and its Predecessor did not have any preferred stock outstanding for the periods presented. |
| (2) | The shortfall of earnings (loss) to combined fixed charges for the year ended December 31, 2009 was $4.1 million. Included in earnings (loss) for the year was a charge of $13.7 million related to the discontinuance of a cash flow hedge. The shortfall of earnings (loss) to combined fixed charges for the period from October 24, 2007 to December 31, 2007 was $189.4 million. Included in earnings (loss) for this period was a charge of $176.5 million related to the acquisition of service agreements in connection with DFT’s IPO and $13.4 million of non-cash stock based compensation expense incurred at the time of the IPO. The shortfall of earnings (loss) to combined fixed charges was $2.6 million, $3.1 million, $0.7 million and $0.4 million for the period from January 1, 2007 to October 23, 2007 and the years ending December 31, 2006 and 2005, respectively. |