EXHIBIT 12.1
Corporate Office Properties Trust
Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends
(Dollars in thousands)
| Nine Months Ended | ||||
| September 30, 2015 | ||||
| Earnings: | ||||
| Income from continuing operations before equity in income of unconsolidated entities and income taxes | $ | 122,206 | ||
| Gain on sales of real estate, excluding discontinued operations | 4,000 | |||
| Combined fixed charges and preferred share dividends (from below) | 83,987 | |||
| Amortization of capitalized interest | 1,929 | |||
| Distributed income of equity investees | 361 | |||
| Subtract: | ||||
| Capitalized interest (from below) | (5,641 | ) | ||
| Preferred share dividends included in fixed charges | (10,657 | ) | ||
| Preferred unit distributions included in fixed charges | (495 | ) | ||
| Preferred distributions of other consolidated entities | (12 | ) | ||
| Total earnings | $ | 195,678 | ||
| Combined Fixed Charges and Preferred Share Dividends: | ||||
| Combined fixed charges and preferred share dividends: | ||||
| Interest expense on continuing operations | $ | 66,727 | ||
| Capitalized interest (internal and external) | 5,641 | |||
| Amortization of debt issuance costs-capitalized | 8 | |||
| Interest included in rental expense | 447 | |||
| Preferred share dividends | 10,657 | |||
| Preferred unit distributions | 495 | |||
| Preferred distributions of other consolidated entities | 12 | |||
| Total combined fixed charges and preferred share dividends | $ | 83,987 | ||
| Ratio of earnings to combined fixed charges and preferred share dividends | 2.33 | |||