EX-12.1 3 gov_123116x10kex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
GOVERNMENT PROPERTIES INCOME TRUST
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIO AMOUNTS)
 

 
 
Year Ended December 31,
 
 
2016
 
2015
    
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations (including gain on sale of properties, if any) before income tax expense and equity in earnings (losses) of investees
 
$
22,936

 
$
(227,990
)
 
$
42,190

 
$
55,308

 
$
48,903

Distributions of earnings from equity investees
 
32,425

 
21,882

 
17,046

 

 

Fixed charges
 
45,164

 
37,008

 
28,048

 
16,831

 
16,892

Subtract:
 
 
 
 

 
 

 
 

 
 

Interest capitalized
 
(52
)
 

 

 

 

Total earnings (loss)
 
$
100,473

 
$
(169,100
)
 
$
87,284

 
$
72,139

 
$
65,795

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 

 
 

 
 

 
 

 
 

Interest on indebtedness and net amortization of debt issuance costs and debt premiums and discounts
 
$
45,112

 
$
37,008

 
$
28,048

 
16,831

 
16,892

Interest capitalized
 
52

 

 

 

 

Total fixed charges
 
$
45,164

 
$
37,008

 
$
28,048

 
$
16,831

 
$
16,892

 
 
 
 
 
 
 
 
 
 
 
Ratio of adjusted earnings (loss) to fixed charges
 
2.2x

 
(4.6x)

(1) 
3.1x

 
4.3x

 
3.9x


(1) The deficiency for the year was approximately $206.1 million.