CoreSite Realty Corp - FORM 10-K - EX-12.2 - February 12, 2016

Attached files

file filename
10-K - 10-K - CoreSite Realty Corpa2227284z10-k.htm
EX-12.1 - EX-12.1 - CoreSite Realty Corpa2227284zex-12_1.htm
EX-31.1 - EX-31.1 - CoreSite Realty Corpa2227284zex-31_1.htm
EX-32.1 - EX-32.1 - CoreSite Realty Corpa2227284zex-32_1.htm
EX-32.2 - EX-32.2 - CoreSite Realty Corpa2227284zex-32_2.htm
EX-31.2 - EX-31.2 - CoreSite Realty Corpa2227284zex-31_2.htm
EX-21.1 - EX-21.1 - CoreSite Realty Corpa2227284zex-21_1.htm
EX-23.1 - EX-23.1 - CoreSite Realty Corpa2227284zex-23_1.htm
EX-10.32 - EX-10.32 - CoreSite Realty Corpa2227284zex-10_32.htm

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Exhibit 12.2

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(in thousands)

 
   Year Ended December 31,  
 
   2015   2014   2013   2012   2011  

Earnings:

                                

Net income (loss)

   $ 56,859   $ 40,052   $ 31,612   $ 10,716   $ (10,779 )

Add: Fixed charges

     15,184     14,639     12,016     10,792     10,971  

Add: Amortization of capitalized interest

     1,545     1,128     679     369     277  

Less: Capitalized interest

     (3,698 )   (4,633 )   (4,362 )   (1,837 )   (1,592 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings (loss)

   $ 69,890   $ 51,186   $ 39,945   $ 20,040   $ (1,123 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                

Interest expense (including amortization of deferred financing costs)

   $ 7,104   $ 5,311   $ 2,689   $ 5,236   $ 5,275  

Capitalized interest

     3,698     4,633     4,362     1,837     1,592  

Interest within rental expense

     4,382     4,695     4,965     3,719     4,104  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

     15,184     14,639     12,016     10,792     10,971  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Preferred stock dividend requirements(1)

     8,338     8,338     8,338     440     —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Combined fixed charges and preferred stock dividends

   $ 23,522   $ 22,977   $ 20,354   $ 11,232   $ 10,971  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings (loss) to combined fixed charges and preferred stock dividends

     2.97     2.23     1.96     1.78       (2)
(1)
The Company did not have any preferred stock outstanding for the year ended 2011.

(2)
The shortfall of earnings (loss) to combined fixed charges and preferred dividends for the year ended December 31, 2011, was $12.1 million.



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