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Content analysis
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Exhibit 12.1
Senior Housing Properties Trust
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
|
| Nine Months Ended |
| Year Ended December 31, |
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|
| September 30, 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
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Earnings: |
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Income from continuing operations before income tax expense (1) |
| $ | 103,277 |
| $ | 131,647 |
| $ | 148,128 |
| $ | 116,373 |
| $ | 109,616 |
| $ | 106,479 |
|
Fixed charges |
| 88,536 |
| 117,240 |
| 98,262 |
| 80,017 |
| 56,404 |
| 40,154 |
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Adjusted earnings |
| $ | 191,813 |
| $ | 248,887 |
| $ | 246,390 |
| $ | 196,390 |
| $ | 166,020 |
| $ | 146,633 |
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Fixed charges: |
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Interest expense |
| $ | 88,536 |
| $ | 117,240 |
| $ | 98,262 |
| $ | 80,017 |
| $ | 56,404 |
| $ | 40,154 |
|
Ratio of earnings to fixed charges |
| 2.2x |
| 2.1x |
| 2.5x |
| 2.5x |
| 2.9x |
| 3.7x |
|
(1) Income from continuing operations before income tax expense is exclusive of equity in earnings of an investee.