EX-12.1 2 skt10q9302012ex121.htm EXHIBIT 12.1 SKT 10Q 9.30.2012 Ex 12.1


Exhibit 12.1

TANGER FACTORY OUTLET CENTERS, INC.
RATIO OF EARNINGS TO FIXED CHARGES

 
 
Nine months ended
 
 
September 30,
 
 
2012
 
2011
Earnings:
 
 
 
 
Income before equity in losses of unconsolidated joint ventures and noncontrolling interests
 
$
40,336

 
$
36,674

Add:
 
 
 
 
Distributed income of unconsolidated joint ventures
 
740

 
315

Amortization of capitalized interest
 
382

 
254

Interest expense
 
37,062

 
32,996

Portion of rent expense - interest factor
 
1,552

 
1,418

Total earnings
 
80,072

 
71,657

 
 
 
 
 
Fixed charges:
 
 
 
 
Interest expense
 
37,062

 
32,996

Capitalized interest and capitalized amortization of debt issue costs
 
1,031

 
317

Portion of rent expense - interest factor
 
1,552

 
1,418

Total fixed charges
 
$
39,645

 
$
34,731

 
 
 
 
 
Ratio of earnings to fixed charges
 
2.0

 
2.1