TANGER FACTORY OUTLET CENTERS, INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

file	filename
10-Q - 10-Q - TANGER FACTORY OUTLET CENTERS, INC	skt10q63015.htm
EX-31.1 - EXHIBIT 31.1 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex311.htm
EX-32.3 - EXHIBIT 32.3 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex323.htm
EX-31.3 - EXHIBIT 31.3 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex313.htm
EX-31.2 - EXHIBIT 31.2 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex312.htm
EX-32.2 - EXHIBIT 32.2 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex322.htm
EX-32.1 - EXHIBIT 32.1 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex321.htm
EX-32.4 - EXHIBIT 32.4 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex324.htm
EX-31.4 - EXHIBIT 31.4 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex314.htm
EX-12.2 - EXHIBIT 12.2 - TANGER FACTORY OUTLET CENTERS, INC	skt10q6302015ex12210.htm

Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC. AND SUBSIDIARIES

Ratio of Earnings to Fixed Charges

(in thousands, except ratios)



	Six months ended June 30,
	2015		2014
Earnings:
Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests⁽¹⁾	$	57,156	$	31,614
Add:
Distributed income of unconsolidated joint ventures	5,535		2,699
Amortization of capitalized interest	298		256
Interest expense	26,177		29,502
Portion of rent expense - interest factor	1,067		1,051
Total earnings	90,233		65,122

Fixed charges:
Interest expense	26,177		29,502
Capitalized interest and capitalized amortization of debt issue costs	2,646		2,125
Portion of rent expense - interest factor	1,067		1,051
Total fixed charges	$	29,890	$	32,678

Ratio of earnings to fixed charges	3.0		2.0



(1)	Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests for the period ended June 30, 2015, includes a $13.7 million gain on the sale of our equity interest in the Wisconsin Dells joint venture.

TANGER FACTORY OUTLET CENTERS, INC - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 5, 2015