Washington Prime (WPGGQ) 10-K 2017 FY Annual report

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.