EX-12.1 2 a11-2197_1ex12d1.htm EX-12.1

Exhibit 12.1

 

U-Store-It Trust

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

 

 

 

Year Ended December 31,

 

 

 

2006

 

2007

 

2008

 

2009

 

2010

 

Earnings before fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(19,746

)

$

(26,737

)

$

(25,837

)

$

(19,302

)

$

(9,851

)

Fixed charges - per below

 

49,695

 

56,192

 

54,192

 

47,831

 

44,539

 

Less:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(35

)

(108

)

(99

)

(73

)

(132

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before fixed charges

 

29,914

 

29,347

 

28,256

 

28,456

 

34,556

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including amortization premiums and discounts related to indebtedness)

 

47,600

 

55,880

 

53,943

 

47,608

 

44,257

 

Early extinguishment of debt

 

1,907

 

 

 

 

 

Capitalized interest

 

35

 

108

 

99

 

73

 

132

 

Estimate of interest within rental expense

 

153

 

204

 

150

 

150

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges

 

49,695

 

56,192

 

54,192

 

47,831

 

44,539

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (a)

 

0.60

 

0.52

 

0.52

 

0.59

 

0.78

 

 


(a)  Due to our losses in fiscal 2006, 2007, 2008, 2009 and 2010 the coverage ratio was less than 1:1.  The Company must generate additional earnings of $19.7 million, $26.7 million, $25.8 million, $19.3 million and $9.9 million to achieve a coverage of 1:1 in fiscal 2010, 2009, 2008, 2007 and 2006, repectively.