WASHINGTON PRIME GROUP INC. - FORM 10-K - EX-12.2 - RATIOS OF EARNINGS TO FIXED CHARGES FOR WPG L.P. - February 24, 2017

Attached files

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EX-31.3 - CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER FOR WASHINGTON PRIME GROUP, L.P. - WASHINGTON PRIME GROUP INC.exhibit313washprimelpfor10.htm
EX-32.2 - CERTIFICATION BY THE CEO AND CFO FOR WASHINGTON PRIME GROUP L.P. - WASHINGTON PRIME GROUP INC.exhibit322washprimelpfor10.htm
EX-32.1 - CERTIFICATION BY THE CEO AND CFO FOR WASHINGTON PRIME GROUP INC. - WASHINGTON PRIME GROUP INC.exhibit321washprimeincfor10-.htm
EX-31.4 - CERTIFICATION BY THE CHIEF FINANCIAL OFFICER FOR WASHINGTON PRIME GROUP, L.P. - WASHINGTON PRIME GROUP INC.exhibit314washprimelpfor10.htm
EX-31.2 - CERTIFICATION BY THE CHIEF FINANCIAL OFFICER FOR WASHINGTON PRIME GROUP INC. - WASHINGTON PRIME GROUP INC.exhibit312washprimeincfor10-.htm
EX-31.1 - CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER FOR WASHINGTON PRIME GROUP INC. - WASHINGTON PRIME GROUP INC.exhibit311washprimeincfor10-.htm
EX-23.1 - CONSENT OF ERNST & YOUNG LLP - WASHINGTON PRIME GROUP INC.exhibit231consentofindepen.htm
EX-21.1 - LIST OF SUBSIDIARIES - WASHINGTON PRIME GROUP INC.exhibit211listofsubsidiari.htm
EX-12.1 - RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS - WASHINGTON PRIME GROUP INC.exhibit121ratiosofearnings.htm
10-K - FORM 10-K - WASHINGTON PRIME GROUP INC.wpg201610-k.htm


Exhibit 12.2
Washington Prime Group, L.P.
Computation of Ratios of Earnings to Fixed Charges
(in thousands)
 
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings before fixed charges:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
77,416

 
$
(104,122
)
 
$
205,455

 
$
187,334

 
$
156,390

Income tax expense
2,232

 
849

 
1,215

 
196

 
165

Loss (income) from unconsolidated entities
1,745

 
1,247

 
(973
)
 
(1,416
)
 
(1,028
)
Remeasurement gains from unconsolidated entities
—

 
—

 
(99,375
)
 
—

 
—

Distributions from unconsolidated entities
272

 
223

 
1,004

 
2,110

 
2,558

Fixed charges
139,027

 
141,965

 
82,816

 
56,219

 
59,429

Capitalized interest
(2,640
)
 
(1,781
)
 
(283
)
 
(1,019
)
 
(442
)
Earnings before fixed charges
$
218,052

 
$
38,381

 
$
189,859

 
$
243,424

 
$
217,072

 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
136,225

 
$
139,923

 
$
82,428

 
$
55,058

 
$
58,844

Capitalized interest
2,640

 
1,781

 
283

 
1,019

 
442

Portion of rents representative of the interest factor
162

 
261

 
105

 
142

 
143

Total fixed charges
$
139,027

 
$
141,965

 
$
82,816

 
$
56,219

 
$
59,429

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.57

 
0.27

(2)
2.29

 
4.33

 
3.65

 
 
 
 
 
 
 
 
 
 
(1) Does not include the impact of the approximate $1 billion of debt incurred related to the spin-off from Simon Property Group for all periods prior to May 28, 2014.
(2) The shortfall of earnings to fixed charges for the year ended December 31, 2015 was $103,584. This shortfall resulted from the $31,653 of merger and transaction costs and $147,979 of impairment loss that we incurred during the year ended December 31, 2015.



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