Attached files
file | filename |
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10-Q - FORM 10-Q - GLADSTONE COMMERCIAL CORP | w82981ae10vq.htm |
EX-31.1 - EX-31.1 - GLADSTONE COMMERCIAL CORP | w82981aexv31w1.htm |
EX-31.2 - EX-31.2 - GLADSTONE COMMERCIAL CORP | w82981aexv31w2.htm |
EX-32.1 - EX-32.1 - GLADSTONE COMMERCIAL CORP | w82981aexv32w1.htm |
EX-32.2 - EX-32.2 - GLADSTONE COMMERCIAL CORP | w82981aexv32w2.htm |
EXCEL - IDEA: XBRL DOCUMENT - GLADSTONE COMMERCIAL CORP | Financial_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.