Saul Centers (BFS) S-3 Shelf registration

Exhibit 12.1

Saul Centers, Inc.

Earnings to Fixed Charges

(In thousands, except ratios)

	Nine Months Ended			Years Ended December 31,
	9/30/2012			2011			2010			2009			2008			2007
Ratio of Earnings to Fixed Charges
Total revenue	$	142,158		$	174,360		$	163,546		$	160,968		$	160,188		$	150,442
Operating expenses		115,113			140,445			119,728			115,769			113,751			105,088
Operating income		27,045			33,915			43,818			45,199			46,437			45,354
Non-Operating Items:
Loss on early extinguishment of debt		—			—			(5,405	)		(2,210	)		—			—
Acquisition related costs		—			(2,534	)		(1,179	)		—			—			—
Decrease in fair value of derivatives		(2	)		(1,332	)		—			—			—			—
Gain on sales of property		1,057			—			—			—			—			—
Gain on casualty settlements		219			245			2,475			329			1,301			139
Income from continuing operations		28,319			30,294			39,709			43,318			47,738			45,493
Fixed Charges
Interest and amortization of deferred debt expense		37,660			45,475			34,958			34,689			34,278			33,855
Interest portion of rental expense		133			26			72			114			153			190
Capitalized Interest		19			1,896			7,196			5,989			4,159			2,889
Total fixed charges		37,812			47,397			42,226			40,792			38,590			36,934
Less: Capitalized Interest		(19	)		(1,896	)		(7,196	)		(5,989	)		(4,159	)		(2,889	)
Earnings	$	66,112		$	75,795		$	74,739		$	78,121		$	82,169		$	79,538
Fixed charges and preferred dividends:
Total fixed charges	$	37,812		$	47,397		$	42,226		$	40,792		$	38,590		$	36,934
Preferred stock dividends		11,355			15,140			15,140			15,140			13,453			8,000
Total fixed charges and preferred dividends	$	49,167		$	62,537		$	57,366		$	55,932		$	52,043		$	44,934
Ratio of earnings to fixed charges		1.75	X		1.60	X		1.77	X		1.92	X		2.13	X		2.15	X
Ratio of earnings to combined fixed charges and preferred dividends		1.34	X		1.21	X		1.30	X		1.40	X		1.58	X		1.77	X