Exhibit 12
FRANKLIN STREET PROPERTIES CORP.
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
| Nine Months | ||||||||||||||||||||||||
| Ended | For the Year Ended | |||||||||||||||||||||||
| September 30 | ||||||||||||||||||||||||
| (Dollars in thousands) | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
| Earnings | ||||||||||||||||||||||||
| Add: | ||||||||||||||||||||||||
| Income from continuing operations | $ | 8,853 | $ | 17,294 | $ | 22,950 | $ | 19,357 | $ | 17,729 | $ | 27,085 | ||||||||||||
| Provision for income taxes | 403 | 480 | 335 | 267 | 217 | 248 | ||||||||||||||||||
| (Earnings) Loss of equity investees | 1,491 | 1,358 | (2,033 | ) | (3,685 | ) | (1,266 | ) | (1,994 | ) | ||||||||||||||
| Distributed income of equity investees | 81 | 108 | 2,810 | 5,056 | 5,170 | 5,628 | ||||||||||||||||||
| Fixed charges (see below) | 20,950 | 21,054 | 16,068 | 12,666 | 7,284 | 6,570 | ||||||||||||||||||
| Subtract: | ||||||||||||||||||||||||
| Interest capitalized | — | — | — | — | — | — | ||||||||||||||||||
| Preferred distributions of consolidated subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
| Total Earnings | $ | 31,778 | $ | 40,294 | $ | 40,130 | $ | 33,661 | $ | 29,134 | $ | 37,537 | ||||||||||||
| Fixed Charges: | ||||||||||||||||||||||||
| Interest expensed | 20,950 | 21,054 | 16,068 | 12,666 | 7,284 | 6,570 | ||||||||||||||||||
| Interest capitalized | — | — | — | — | — | — | ||||||||||||||||||
| Interest portion of rent expense which is deemed to be representative of the interest factor | — | — | — | — | — | — | ||||||||||||||||||
| Total Fixed Charges | $ | 20,950 | $ | 21,054 | $ | 16,068 | $ | 12,666 | $ | 7,284 | $ | 6,570 | ||||||||||||
| Preferred dividends | — | — | — | — | — | — | ||||||||||||||||||
| Total combined fixed charges and preferred dividends | $ | 20,950 | $ | 21,054 | $ | 16,068 | $ | 12,666 | $ | 7,284 | $ | 6,570 | ||||||||||||
| Ratio of earnings to fixed charges | 1.52 | 1.91 | 2.50 | 2.66 | 4.00 | 5.71 | ||||||||||||||||||
| Ratio of earnings to combined fixed charges and preferred dividends | 1.52 | 1.91 | 2.50 | 2.66 | 4.00 | 5.71 | ||||||||||||||||||