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10-Q - FORM 10-Q - GLADSTONE COMMERCIAL CORPw82981ae10vq.htm
EX-31.1 - EX-31.1 - GLADSTONE COMMERCIAL CORPw82981aexv31w1.htm
EX-31.2 - EX-31.2 - GLADSTONE COMMERCIAL CORPw82981aexv31w2.htm
EX-32.1 - EX-32.1 - GLADSTONE COMMERCIAL CORPw82981aexv32w1.htm
EX-32.2 - EX-32.2 - GLADSTONE COMMERCIAL CORPw82981aexv32w2.htm
EXCEL - IDEA: XBRL DOCUMENT - GLADSTONE COMMERCIAL CORPFinancial_Report.xls
Exhibit 12
Statements re: computation of ratios
(Dollars in Thousands, Except Ratios)
                                                 
            For the year ended December 31,  
    For the six months                                
    ended June 30, 2011     2010     2009     2008     2007     2006  
             
Net income from continuing operations
  $ 2,850     $ 4,928     $ 4,400     $ 4,873     $ 5,958     $ 3,285  
 
                                               
Add: fixed charges
    10,442       21,191       22,001       20,964       15,670       11,490  
 
                                               
Less: preferred and senior common distributions
    (2,078 )     (4,114 )     (4,094 )     (4,094 )     (4,094 )     (2,187 )
 
                                   
 
                                               
Earnings
  $ 11,214     $ 22,005     $ 22,307     $ 21,743     $ 17,534     $ 12,588  
 
                                               
Fixed Charges:
                                               
Interest expense
    7,900       16,031       16,399       15,575       10,847       8,041  
Amortization of deferred financing fees
    456       1,031       1,496       1,284       717       1,207  
Estimated interest component of rent
    8       15       12       11       12       55  
Preferred and senior common distributions
    2,078       4,114       4,094       4,094       4,094       2,187  
 
                                   
 
                                               
Total fixed charges and preferred distributions
    10,442       21,191       22,001       20,964       15,670       11,490  
 
                                               
Ratio of earnings to combined fixed charges and preferred distributions
    1.1       1.0       1.0       1.0       1.1       1.1  
The calculation of the ratio of earnings to combined fixed charges and preferred distributions is above. “Earnings” consist of net income from continuing operations before fixed charges. “Fixed charges” consist of interest expense, amortization of deferred financing fees and the portion of operating lease expense that represents interest. The portion of operating lease expense that represents interest is calculated by dividing the amount of rent expense, allocated to us by our Adviser as part of the administration fee payable under the Advisory Agreement, by three.