Exhibit 12.1
WP Glimcher Inc.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Share Dividends
(in thousands)
|
| Six Months |
| Year Ended December 31, |
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|
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
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Earnings before fixed charges: |
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Net (loss) income from continuing operations |
| $ | (644 | ) | $ | 205,455 |
| $ | 187,334 |
| $ | 156,390 |
| $ | 159,860 |
| $ | 153,748 |
|
Income tax expense |
| 973 |
| 1,215 |
| 196 |
| 165 |
| 157 |
| 119 |
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Loss (income) from unconsolidated entities |
| 1,487 |
| (973 | ) | (1,416 | ) | (1,028 | ) | 143 |
| 525 |
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Remeasurement gains from unconsolidated entities |
| — |
| (99,375 | ) | — |
| — |
| — |
| — |
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Distributions from unconsolidated entities |
| 70 |
| 1,004 |
| 2,110 |
| 2,558 |
| 129 |
| 694 |
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Fixed charges |
| 77,214 |
| 82,840 |
| 56,219 |
| 59,429 |
| 55,938 |
| 63,767 |
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Capitalized interest |
| (1,164 | ) | (281 | ) | (1,019 | ) | (442 | ) | (472 | ) | (25 | ) | ||||||
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Earnings before fixed charges |
| $ | 77,936 |
| $ | 189,885 |
| $ | 243,424 |
| $ | 217,072 |
| $ | 215,755 |
| $ | 218,828 |
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Fixed charges and preferred share dividends: |
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Interest expense (1) |
| $ | 75,896 |
| $ | 82,452 |
| $ | 55,058 |
| $ | 58,844 |
| $ | 55,326 |
| $ | 63,601 |
|
Capitalized interest |
| 1,164 |
| 281 |
| 1,019 |
| 442 |
| 472 |
| 25 |
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Portion of rents representative of the interest factor |
| 154 |
| 107 |
| 142 |
| 143 |
| 140 |
| 141 |
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Total fixed charges |
| 77,214 |
| 82,840 |
| 56,219 |
| 59,429 |
| 55,938 |
| 63,767 |
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Preferred share dividends |
| 8,973 |
| — |
| — |
| — |
| — |
| — |
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Total fixed charges and preferred share dividends |
| $ | 86,187 |
| $ | 82,840 |
| $ | 56,219 |
| $ | 59,429 |
| $ | 55,938 |
| $ | 63,767 |
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Ratio of earnings to fixed charges and preferred share dividends |
| 0.90 | (2) | 2.29 |
| 4.33 |
| 3.65 |
| 3.86 |
| 3.43 |
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(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 six months ended June 30, 2015 was $8,251. This shortfall resulted from the $25,713 of merger and transaction costs that we incurred during the six months ended June 30, 2015.
