Exhibit 12.1
DuPont Fabros Technology, Inc.
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Fixed Charges and Preferred Share Dividends
(Unaudited)
(Amounts in thousands, except ratios)
| Nine months ended September 30, | Year ended December 31, | |||||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Net Income | $ | 32,516 | $ | 60,833 | $ | 79,480 | $ | 43,708 | $ | 2,886 | $ | 36,160 | ||||||||||||
Add: Fixed charges | 41,745 | 56,100 | 58,077 | 69,742 | 41,455 | 28,199 | ||||||||||||||||||
Less: Capitalized interest | (1,617 | ) | (4,711 | ) | (28,411 | ) | (26,375 | ) | (7,021 | ) | (15,448 | ) | ||||||||||||
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Total earnings | $ | 72,644 | $ | 112,222 | $ | 109,146 | $ | 87,075 | $ | 37,320 | $ | 48,911 | ||||||||||||
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Fixed Charges and Preferred Stock Dividends: | ||||||||||||||||||||||||
Interest expense | $ | 37,490 | $ | 47,765 | $ | 27,096 | $ | 36,746 | $ | 25,462 | $ | 10,852 | ||||||||||||
Capitalized interest | 1,522 | 4,434 | 27,024 | 25,177 | 5,691 | 13,150 | ||||||||||||||||||
Amortization of deferred financing costs | 2,542 | 3,496 | 2,446 | 6,497 | 8,854 | 1,782 | ||||||||||||||||||
Capitalization of amortization of deferred financing costs | 95 | 277 | 1,387 | 1,198 | 1,330 | 2,298 | ||||||||||||||||||
Interest factor in rents | 96 | 128 | 124 | 124 | 118 | 117 | ||||||||||||||||||
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Fixed Charges | $ | 41,745 | $ | 56,100 | $ | 58,077 | $ | 69,742 | $ | 41,455 | $ | 28,199 | ||||||||||||
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Preferred stock dividend requirements (1) | 20,433 | 27,053 | 20,874 | 3,157 | — | — | ||||||||||||||||||
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Combined Fixed Charges and Preferred Stock Dividends | $ | 62,178 | $ | 83,153 | $ | 78,951 | $ | 72,899 | $ | 41,455 | $ | 28,199 | ||||||||||||
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Ratio of earnings to fixed charges (2) | 1.74 | 2.00 | 1.88 | 1.25 | 0.90 | 1.73 | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends (2) | 1.17 | 1.35 | 1.38 | 1.19 | 0.90 | 1.73 | ||||||||||||||||||
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| (1) | The Company did not have any preferred stock outstanding for the periods prior to the year ended December 31, 2010. |
| (2) | The shortfall of earnings to fixed charges for the year ended December 31, 2009 was $4.1 million. Included in earnings for the year was a charge of $13.7 million related to the discontinuance of cash flow hedge. |