WASHINGTON PRIME GROUP INC. - FORM 10-K - EX-12.1 - February 26, 2015

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Exhibit 12.1

Washington Prime Group Inc.
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratio data)
(unaudited)

 
   Year Ended December 31,  
 
   2014   2013   2012   2011   2010  

Earnings before fixed charges:

                                

Net income from continuing operations

   $ 205,455   $ 187,334   $ 156,390   $ 159,860   $ 153,748  

Income tax expense

     1,215     196     165     157     119  

(Income) loss from unconsolidated entities

     (973 )   (1,416 )   (1,028 )   143     525  

Remeasurement gains from unconsolidated entities

     (99,375 )   —     —     —     —  

Distributions from unconsolidated entities

     1,004     2,110     2,558     129     694  

Fixed charges

     82,840     56,219     59,429     55,938     63,767  

Capitalized interest

     (281 )   (1,019 )   (442 )   (472 )   (25 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings before fixed charges

   $ 189,885   $ 243,424   $ 217,072   $ 215,755   $ 218,828  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                

Interest expense(1)

   $ 82,452   $ 55,058   $ 58,844   $ 55,326   $ 63,601  

Capitalized interest

     281     1,019     442     472     25  

Portion of rents representative of the interest factor

     107     142     143     140     141  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 82,840   $ 56,219   $ 59,429   $ 55,938   $ 63,767  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     2.29     4.33     3.65     3.86     3.43  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(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.



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