EX-12.1 8 eqc123115exhibit121.htm EXHIBIT 12.1 Exhibit



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

 
Year Ended December 31,
 
2015
 
2014
 
2013(1)
 
2012(1)
 
2011(1)
Earnings:
 

 
 

 
 

 
 

 
 

Income (loss) from continuing operations before income tax expense and equity in earnings of investees
$
102,221

 
$
(63
)
 
$
(62,034
)
 
$
84,484

 
$
53,992

Gains on equity transactions of investees
—

 
(17,020
)
 
—

 
(7,246
)
 
(11,177
)
Fixed charges
107,316

 
143,838

 
174,753

 
204,244

 
195,024

Distributions from investees
—

 
20,680

 
24,079

 
16,816

 
16,617

Adjusted Earnings
$
209,537

 
$
147,435

 
$
136,798

 
$
298,298

 
$
254,456

 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 

 
 

 
 

 
 

 
 

Interest expense (including net amortization of debt discounts, premiums and deferred financing fees)
$
107,316

 
$
143,838

 
$
174,753

 
$
204,244

 
$
195,024

Total Fixed Charges
$
107,316

 
$
143,838

 
$
174,753

 
$
204,244

 
$
195,024

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
2.0
x
 
1.0x

 
0.8x

(2)
1.5x

 
1.3x

 
 
 
 
 
 
 
 
 
 

(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.