Exhibit 12.1

 

TANGER FACTORY OUTLET CENTERS, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

 

		Three months ended
		March 31,
		2011				2010
Earnings:
Income before equity in losses of unconsolidated joint ventures, noncontrolling interests and discontinued operations		$	10,849			$	3,070
Add:
Distributed income of unconsolidated joint ventures		62				301
Amortization of capitalized interest		127				120
Interest expense		10,325				7,948
Portion of rent expense - interest factor		468				404
Total earnings		21,831				11,843
Fixed charges:
Interest expense		10,325				7,948
Capitalized interest and capitalized amortization of debt issue costs		241				209
Portion of rent expense - interest factor		468				404
Total fixed charges		$	11,034			$	8,561
Ratio of earnings to fixed charges		2.0				1.4
Earnings:
Income before equity in losses of unconsolidated joint ventures, noncontrolling interests and discontinued operations		$	10,849			$	3,070
Add:
Distributed income of unconsolidated joint ventures		62				301
Amortization of capitalized interest		127				120
Interest expense		10,325				7,948
Portion of rent expense - interest factor		468				404
Total Earnings		21,831				11,843
Fixed charges and preferred share dividends:
Interest expense		10,325				7,948
Capitalized interest and capitalized amortization of debt issue costs		241				209
Portion of rent expense - interest factor		468				404
Preferred share dividends		—				1,406
Total combined fixed charges and preferred share dividends		$	11,034			$	9,967
Ratio of earnings to combined fixed charges and preferred share dividends		2.0				1.2