EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
| Six Months Ended | ||||
| June 30, 2015 | ||||
| Earnings: | ||||
| Income from continuing operations before equity in income of unconsolidated entities and income taxes | $ | 27,897 | ||
| Gain on sales of real estate, excluding discontinued operations | 3,985 | |||
| Combined fixed charges and preferred share dividends (from below) | 54,416 | |||
| Amortization of capitalized interest | 1,274 | |||
| Distributed income of equity investees | 353 | |||
| Subtract: | ||||
| Capitalized interest (from below) | (4,082 | ) | ||
| Preferred share dividends included in fixed charges | (7,105 | ) | ||
| Preferred unit distributions included in fixed charges | (330 | ) | ||
| Preferred distributions of other consolidated entities | (8 | ) | ||
| Total earnings | $ | 76,400 | ||
| Combined Fixed Charges and Preferred Share Dividends: | ||||
| Combined fixed charges and preferred share dividends: | ||||
| Interest expense on continuing operations | $ | 42,606 | ||
| Capitalized interest (internal and external) | 4,082 | |||
| Amortization of debt issuance costs-capitalized | 8 | |||
| Interest included in rental expense | 277 | |||
| Preferred share dividends | 7,105 | |||
| Preferred unit distributions | 330 | |||
| Preferred distributions of other consolidated entities | 8 | |||
| Total combined fixed charges and preferred share dividends | $ | 54,416 | ||
| Ratio of earnings to combined fixed charges and preferred share dividends | 1.40 | |||