Exhibit 12.1
RATIO OF EARNINGS TO COMBINED FIXED
CHARGES FOR CYRUSONE INC.
| Successor | Predecessor | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended December 31, | | | Year Ended December 31, | |||||||||||||||
| January 24 to December 31, 2013(a) | January 1, 2013 to January 23, 2013(b) | |||||||||||||||||
(dollars in millions) | 2015 | 2014(a) | 2012(b) | 2011(b) | |||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for non-controlling interests/minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges* | 27.2 | $ | 30.0 | $ | 30.8 | $ | (16.8 | ) | 19.9 | $ | 39.4 | ||||||||
| | | | | | | | | | | | | | | | | | | |
Fixed charges: | |||||||||||||||||||
Interest expensed and capitalized | 47.3 | 44.1 | 42.8 | 2.6 | 44.5 | 35.5 | |||||||||||||
Appropriate portion of rentals(c) | 2.5 | 2.2 | 2.2 | 0.5 | 2.9 | 2.4 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Total fixed charges | 49.8 | 46.3 | 45.0 | 3.1 | 47.4 | 37.9 | |||||||||||||
| | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges(d)(e)(f)(g) | — | — | — | — | — | 1.0 |
- *
- Earnings used in computing the ratio of earnings to combined fixed charges consists of income from continuing operations before income taxes, adjustment for non-controlling interests/minority interests, income/loss from equity method investees, and fixed charges except for capitalized interest.
- (a)
- Consolidated results for the year ended December 31, 2014, and the period ended January 24, 2013 to December 31, 2013, are the same for both CyrusOne Inc. and CyrusOne LP.
- (b)
- Periods represent results of the Predecessor on a "carved-out basis" from CBI for all respective periods.
- (c)
- Represents the estimated portion of operating lease expense deemed to represent interest for each respective period presented.
- (d)
- For the years ended December 31, 2015 and 2014, earnings were insufficient to cover fixed charges by $22.6 million and $16.3 million, respectively.
- (e)
- For the period ended December 31, 2013 (January 24, 2013 to December 31, 2013), earnings were insufficient to cover fixed charges by $14.2 million.
- (f)
- For the period ended January 23, 2013 (January 1, 2013 to January 23, 2013), earnings were insufficient to cover fixed charges by $19.9 million.
- (g)
- For the year ended December 31, 2012, earnings were insufficient to cover fixed charges by $27.5 million.