WASHINGTON PRIME GROUP INC. - FORM 10-K - EX-12.1 - RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DIVIDENDS - February 22, 2018

Attached files

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EX-32.2 - CERTIFICATION BY THE CEO AND CFO FOR WASHINGTON PRIME GROUP L.P. - WASHINGTON PRIME GROUP INC.exhibit322for12311710k.htm
10-K - FORM 10-K - WASHINGTON PRIME GROUP INC.wpg201710-k.htm
EX-32.1 - CERTIFICATION BY THE CEO AND CFO FOR WASHINGTON PRIME GROUP INC. - WASHINGTON PRIME GROUP INC.exhibit321for12311710k.htm
EX-31.4 - CERTIFICATION BY THE CHIEF FINANCIAL OFFICER FOR WASHINGTON PRIME GROUP, L.P. - WASHINGTON PRIME GROUP INC.exhibit314for12311710k.htm
EX-31.3 - CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER FOR WASHINGTON PRIME GROUP, L.P. - WASHINGTON PRIME GROUP INC.exhibit313for12311710k.htm
EX-31.2 - CERTIFICATION BY THE CHIEF FINANCIAL OFFICER FOR WASHINGTON PRIME GROUP INC. - WASHINGTON PRIME GROUP INC.exhibit312for12311710k.htm
EX-31.1 - CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER FOR WASHINGTON PRIME GROUP INC. - WASHINGTON PRIME GROUP INC.exhibit311for12311710k.htm
EX-23.2 - CONSENT OF ERNST & YOUNG LLP FOR WPG L.P. - WASHINGTON PRIME GROUP INC.exhibit232consentofindepen.htm
EX-23.1 - CONSENT OF ERNST & YOUNG LLP FOR WPG INC. - WASHINGTON PRIME GROUP INC.exhibit231for12311710k.htm
EX-21.1 - LIST OF SUBSIDIARIES - WASHINGTON PRIME GROUP INC.exhibit211for12311710k.htm
EX-12.2 - RATIOS OF EARNINGS TO FIXED CHARGES FOR WPG L.P. - WASHINGTON PRIME GROUP INC.exhibit122for12311710k.htm


Exhibit 12.1
Washington Prime Group Inc.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Share Dividends
(in thousands)
 
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Earnings before fixed charges:
 
 
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
231,593

 
$
77,416

 
$
(104,122
)
 
$
205,455

 
$
187,334

Income tax expense
3,417

 
2,232

 
849

 
1,215

 
196

(Income) loss from unconsolidated entities
(1,395
)
 
1,745

 
1,247

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

 
—

 
—

 
(99,375
)
 
—

Distributions from unconsolidated entities
1,873

 
272

 
223

 
1,004

 
2,110

Fixed charges
128,173

 
139,027

 
141,965

 
82,816

 
56,219

Capitalized interest
(1,521
)
 
(2,640
)
 
(1,781
)
 
(283
)
 
(1,019
)
Earnings before fixed charges
$
362,140

 
$
218,052

 
$
38,381

 
$
189,859

 
$
243,424

 
 
 
 
 
 
 
 
 
 
Fixed charges and preferred share dividends:
 
 
 
 
 
 
 
 
 
Interest expense (1)
$
126,541

 
$
136,225

 
$
139,923

 
$
82,428

 
$
55,058

Capitalized interest
1,521

 
2,640

 
1,781

 
283

 
1,019

Portion of rents representative of the interest factor
111

 
162

 
261

 
105

 
142

Total fixed charges
128,173

 
139,027

 
141,965

 
82,816

 
56,219

Preferred share dividends
14,032

 
14,032

 
15,989

 
—

 
—

Total fixed charges and preferred share dividends
$
142,205

 
$
153,059

 
$
157,954

 
$
82,816

 
$
56,219

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred share dividends
2.55

 
1.42

 
0.24

(2)
2.29

 
4.33

 
 
 
 
 
 
 
 
 
 
(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 and preferred share dividends for the year ended December 31, 2015 was $119,573. 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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