Exhibit 12.2
Washington Prime Group, L.P. | |||||||||||||||||||
Computation of Ratios of Earnings to Fixed Charges | |||||||||||||||||||
(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: | |||||||||||||||||||
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 | |||||||||
Ratio of earnings to fixed charges | 1.57 | 0.27 | (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 for the year ended December 31, 2015 was $103,584. 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. |