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SEC Filings

10-K
WASHINGTON PRIME GROUP INC. filed this Form 10-K on 02/24/2017
Entire Document
 
Exhibit


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,
 
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 and preferred share dividends:
 
 
 
 
 
 
 
 
 
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

Preferred share dividends
14,032

 
15,989

 

 

 

Total fixed charges and preferred share dividends
$
153,059

 
$
157,954

 
$
82,816

 
$
56,219

 
$
59,429

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges and preferred share dividends
1.42

 
0.24

(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 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.



©2013- WASHINGTON PRIME GROUP