EXHIBIT 12.1
Published on June 10, 2010
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LTC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in Thousands)
(Unaudited)
|
|
Year Ended | Three Months Ended | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
2005 | 2006 | 2007 | 2008 | 2009 | March 31, 2010 | ||||||||||||||
Earnings |
||||||||||||||||||||
Income from continuing operations |
$ | 51,037 | $ | 45,879 | $ | 48,039 | $ | 43,192 | $ | 44,360 | $ | 10,570 | ||||||||
Add: Fixed charges (See below) |
8,659 | 7,371 | 5,300 | 4,421 | 2,714 | 449 | ||||||||||||||
Amortization of capitalized interest |
| | | | | | ||||||||||||||
Distributed income of equity investees |
| | | | | | ||||||||||||||
Share of pre-tax losses of equity investees |
| | | | | | ||||||||||||||
Less: |
||||||||||||||||||||
Capitalized interest |
| | | (60 | ) | (40 | ) | (25 | ) | |||||||||||
Non-controlling interests expense on consolidated subsidiaries |
(349 | ) | (343 | ) | (343 | ) | (307 | ) | (296 | ) | (48 | ) | ||||||||
Minority interest in pre-tax income that have not incurred fixed charges (equity method investees) |
| | | | | | ||||||||||||||
Total Earnings |
$ | 59,347 | $ | 52,907 | $ | 52,996 | $ | 47,246 | $ | 46,738 | $ | 10,946 | ||||||||
Fixed Charges |
||||||||||||||||||||
Interest expense (includes amortization of debt issue costs) |
$ | 8,310 | $ | 7,028 | $ | 4,957 | $ | 4,114 | $ | 2,418 | $ | 401 | ||||||||
Estimated interest in rental expense |
| | | | | | ||||||||||||||
Non-controlling interests expense on consolidated subsidiaries |
349 | 343 | 343 | 307 | 296 | 48 | ||||||||||||||
Total Fixed Charges |
$ | 8,659 | $ | 7,371 | $ | 5,300 | $ | 4,421 | $ | 2,714 | $ | 449 | ||||||||
Preferred Dividends |
$ |
17,343 |
$ |
17,157 |
$ |
16,923 |
$ |
15,390 |
$ |
15,141 |
$ |
3,785 |
||||||||
Total Fixed Charges and Preferred Dividends |
$ |
26,002 |
$ |
24,528 |
$ |
22,223 |
$ |
19,811 |
$ |
17,855 |
$ |
4,234 |
||||||||
Ratio of earnings to fixed charges |
6.85 |
7.18 |
10.00 |
10.69 |
17.22 |
24.38 |
||||||||||||||
Ratio of earnings to fixed charges and preferred dividends |
2.28 |
2.16 |
2.38 |
2.38 |
2.62 |
2.59 |
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LTC PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (Dollars in Thousands) (Unaudited)