EX-12.1 3 eqc123114exhibit121.htm EXHIBIT 12.1 EQC 12.31.14 Exhibit 12.1



Exhibit 12.1
EQUITY COMMONWEALTH
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

 
Year Ended December 31,
 
 
2014
 
2013(1)
 
2012(1)
 
2011(1)
 
2010(1)
 
Earnings:
 

 
 

 
 

 
 

 
 

 
(Loss) income from continuing operations before income tax expense and equity in earnings of investees
$
(63
)
 
$
(62,034
)
 
$
84,484

 
$
53,992

 
$
10,406

 
Gains on equity transactions of investees
(17,020
)
 
—

 
(7,246
)
 
(11,177
)
 
(34,808
)
 
Fixed charges
143,838

 
174,753

 
204,244

 
195,024

 
183,433

 
Distributions from investees
20,680

 
24,079

 
16,816

 
16,617

 
16,119

 
Adjusted Earnings
$
147,435

 
$
136,798

 
$
298,298

 
$
254,456

 
$
175,150

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 

 
 

 
 

 
 

 
 

 
Interest expense (including net amortization of debt discounts, premiums and deferred financing fees)
$
143,838

 
$
174,753

 
$
204,244

 
$
195,024

 
$
183,433

 
Total Fixed Charges
$
143,838

 
$
174,753

 
$
204,244

 
$
195,024

 
$
183,433

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.0x

 
0.8x

(2)
1.5x

 
1.3x

 
1.0x

(3)
 
 
 
 
 
 
 
 
 
 
 

(1)
Reclassifications have been made to the prior years' financial statements to conform to the current year's presentation.
(2)
The deficiency for this period was $37,995.
(3)
The deficiency for this period was $8,283.