COMPUTATION OF RATIO OF EARNINGS TO CHARGES
Published on August 29, 2003
EXHIBIT 12.1
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 |
Six 6/30/2003 |
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|
1998 |
1999 |
2000 |
2001 |
2002 |
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| Earnings |
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| Income before minority interests and other |
$ | 46,458 | $ | 29,504 | $ | 29,284 | $ | 5,246 | $ | 19,447 | $ | 10,174 | ||||||||||||
| Add: Fixed charges |
23,682 | 22,813 | 28,165 | 22,718 | 22,941 | 10,840 | ||||||||||||||||||
| Amortization of capitalized interest |
| | | | | | ||||||||||||||||||
| Distributed income of equity investees |
| | | | | | ||||||||||||||||||
| Share of pre-tax losses of equity investees |
| | | | | | ||||||||||||||||||
| Less: |
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| Capitalized interest |
| | | | | | ||||||||||||||||||
| Minority interest expense in consolidated subsidiaries |
(1,415 | ) | (1,018 | ) | (982 | ) | (973 | ) | (1,308 | ) | (647 | ) | ||||||||||||
| Minority interest in pre-tax income of equity investees that have not incurred fixed charges |
| | | | | | ||||||||||||||||||
| Total Earnings |
68,725 | 51,299 | 56,467 | 26,991 | 41,080 | 20,367 | ||||||||||||||||||
| Fixed Charges |
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| Interest expense (includes amortization of debt issue costs) |
22,267 | 21,795 | 27,183 | 21,745 | 21,633 | 10,193 | ||||||||||||||||||
| Estimated interest in rental expense |
| | | | | | ||||||||||||||||||
| Minority interest expense in consolidated subsidiaries |
1,415 | 1,018 | 982 | 973 | 1,308 | 647 | ||||||||||||||||||
| Total Fixed Charges |
23,682 | 22,813 | 28,165 | 22,718 | 22,941 | 10,840 | ||||||||||||||||||
| Preferred Dividends |
$ | 12,896 | $ | 15,087 | $ | 15,087 | $ | 15,077 | $ | 15,042 | $ | 7,517 | ||||||||||||
| Ratio of earnings to fixed charges |
2.90x | 2.25x | 2.00x | 1.19x | 1.79x | 1.88x | ||||||||||||||||||
| Ratio of earnings to fixed charges and preferred dividends |
1.88x | 1.35x | 1.31x | 0.71x | 1.08x | 1.11x | ||||||||||||||||||