EX-12.1 11 eqc123117exhibit121.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,
 
 
2017
 
2016
 
2015
 
2014
 
2013(1)
 
Earnings:
 

 
 

 
 

 
 

 
 

 
Income (loss) from continuing operations before income tax expense and equity in earnings of investees
$
30,166

 
$
233,639

 
$
102,221

 
$
(63
)
 
$
(62,034
)
 
Gains on equity transactions of investees
—

 
—

 
—

 
(17,020
)
 
—

 
Fixed charges
52,183

 
84,329

 
107,316

 
143,838

 
174,753

 
Distributions from investees
—

 
—

 
—

 
20,680

 
24,079

 
Adjusted Earnings
$
82,349

 
$
317,968

 
$
209,537

 
$
147,435

 
$
136,798

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 

 
 

 
 

 
 

 
 

 
Interest expense (including net amortization of debt discounts, premiums and deferred financing fees)
$
52,183

 
$
84,329

 
$
107,316

 
$
143,838

 
$
174,753

 
Total Fixed Charges
$
52,183

 
$
84,329

 
$
107,316

 
$
143,838

 
$
174,753

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
1.6
x
 
3.8x

 
2.0x

 
1.0x

 
0.8x

(2)
 
 
 
 
 
 
 
 
 
 
 

(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.