Vornado Realty Trust (VNO) 10-K 2017 FY Annual report

EXHIBIT 12.1
COMPUTATION OF RATIOS FOR VORNADO REALTY TRUST
(UNAUDITED)
Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference dividends for each of the fiscal years ended December 31, 2017, 2016, 2015, 2014, and 2013 are as follows:
		For the Year Ended December 31,
(Amounts in thousands)		2017			2016		2015		2014		2013
Income (loss) from continuing operations before income taxes and
	income from partially owned entities		$	303,246	$	415,291	$	560,854	$	389,689	$	239,583
Fixed charges			407,480		374,178		374,413		407,576		377,160
Income distributions from partially owned entities			81,467		214,617		65,149		91,243		58,434
Capitalized interest and debt expense			(48,231)		(30,343)		(53,425)		(59,241)		(41,201)
Preferred unit distributions			(194)		(194)		(158)		(50)		(1,158)
Earnings - Numerator			$	743,768	$	973,549	$	946,833	$	829,217	$	632,818
Interest and debt expense			$	345,654	$	330,240	$	309,298	$	337,360	$	323,505
Capitalized interest and debt expense			48,231		30,343		53,425		59,241		41,201
1/3 of rental expense – interest factor			13,401		13,401		11,532		10,925		11,296
Preferred unit distributions			194		194		158		50		1,158
Fixed charges - Denominator			407,480		374,178		374,413		407,576		377,160
Preferred share dividends			65,399		75,903		80,578		81,464		82,807
Combined fixed charges and preference dividends - Denominator			$	472,879	$	450,081	$	454,991	$	489,040	$	459,967
Ratio of earnings to fixed charges			$	1.83	$	2.60	$	2.53	$	2.03	$	1.68
Ratio of earnings to combined fixed charges and preference
	dividends		$	1.57	$	2.16	$	2.08	$	1.70	$	1.38
Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest and debt expense and (v) preferred unit distributions of the Operating Partnership. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest and debt expense, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions of the Operating Partnership. Combined fixed charges and preference dividends equals fixed charges plus preferred share dividends.