Six months ended June 30, | |||||||
2018 | 2017 | ||||||
Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 43,575 | $ | 49,769 | |||
Add: | |||||||
Distributed income of unconsolidated joint ventures | 4,332 | 4,952 | |||||
Amortization of capitalized interest | 385 | 340 | |||||
Interest expense | 31,981 | 33,007 | |||||
Portion of rent expense - interest factor | 1,189 | 1,201 | |||||
Total earnings | 81,462 | 89,269 | |||||
Fixed charges: | |||||||
Interest expense | 31,981 | 33,007 | |||||
Capitalized interest and capitalized amortization of debt issue costs | 76 | 1,247 | |||||
Portion of rent expense - interest factor | 1,189 | 1,201 | |||||
Total fixed charges | $ | 33,246 | $ | 35,455 | |||
Ratio of earnings to fixed charges | 2.5 | 2.5 | |||||
Earnings: | |||||||
Income before equity in earnings (losses) of unconsolidated joint ventures and noncontrolling interests (1) | $ | 43,575 | $ | 49,769 | |||
Add: | |||||||
Distributed income of unconsolidated joint ventures | 4,332 | 4,952 | |||||
Amortization of capitalized interest | 385 | 340 | |||||
Interest expense | 31,981 | 33,007 | |||||
Portion of rent expense - interest factor | 1,189 | 1,201 | |||||
Total Earnings | 81,462 | 89,269 | |||||
Fixed charges and preferred share dividends: | |||||||
Interest expense | 31,981 | 33,007 | |||||
Capitalized interest and capitalized amortization of debt issue costs | 76 | 1,247 | |||||
Portion of rent expense - interest factor | 1,189 | 1,201 | |||||
Preferred share dividends | — | — | |||||
Total combined fixed charges and preferred share dividends | $ | 33,246 | $ | 35,455 | |||
Ratio of earnings to combined fixed charges and preferred share dividends | 2.5 | 2.5 |
(1) | Income before equity in earnings of unconsolidated joint ventures and noncontrolling interests includes a $6.9 million gain on the sale of our outlet center in Westbrook, Connecticut for the period ended June 30, 2017. |