Life Storage Inc - Registered Shares (LSI) 10-K 2015 FY Annual report

Exhibit 12.1

Statement Re: Computation of Earnings to

Combined Fixed Charges and Preferred Stock Dividends

Amounts in thousands

	Year ended December 31,
	2015			2014			2013			2012			2011
Earnings:
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees	$	109,672		$	86,971		$	69,524		$	47,185		$	27,654
Add: Income tax expense		1,251			927			936			1,326			1,524
Add: Fixed charges		37,864			39,024			32,720			33,547			38,848
Add: Distributed income of equity investees		4,821			3,123			2,630			2,184			944
Less: Capitalized interest		(62	)		(84	)		(113	)		(149	)		(72	)
Preferred dividend requirements of consolidated subsidiaries		—			—			—			—			—
Earnings (1)		153,546			129,961			105,697			84,093			68,898
Fixed charges:
Interest expense		35,940			33,719			31,166			32,330			37,365
Amortization of financing fees		1,184			859			834			836			1,184
Capitalized interest		62			84			113			149			72
Estimate of interest included in rent expense		678			4,362			607			232			227
Preferred stock dividends		—			—			—			—			—
Fixed charges (2)	$	37,864		$	39,024		$	32,720		$	33,547		$	38,848
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2)		4.06			3.33			3.23			2.51			1.77