Exhibit 12.1 | |||||||||||||
| |||||||||||||
Brookdale Senior Living Inc. | |||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Dividends | |||||||||||||
(in thousands) |
|
|
| ||||||||||
|
|
|
| ||||||||||
| Nine Months Ended September 30, 2006 |
| Years Ended December 31 | ||||||||||
Earnings: |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 | |||
| Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | (81,493) |
| (66,692) |
| (9,125) |
| (2,827) |
| 19,799 |
| 9,706 | |
| Plus: |
|
|
|
|
|
|
|
|
|
|
| |
|
| Fixed charges | 123,812 |
| 110,494 |
| 100,284 |
| 36,798 |
| 20,006 |
| 16,943 |
|
| Distributions from equity investees | 1,355 |
| - |
| 3,772 |
| 1,915 |
| - |
| - |
| Less: |
|
|
|
|
|
|
|
|
|
|
| |
|
| Capitalized interest | (171) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Total earnings | 43,503 |
| 43,802 |
| 94,931 |
| 35,886 |
| 39,805 |
| 26,649 | ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Fixed charges: |
|
|
|
|
|
|
|
|
|
|
| ||
| Interest expense and amortization of debt discount/premium on all indebtedness (excluding losses recognized on early extinguishments of debt) | 71,700 |
| 47,324 |
| 66,985 |
| 26,560 |
| 9,682 |
| 8,280 | |
| Capitalized interest expense | 171 |
| - |
| - |
| - |
| - |
| - | |
| Amount of pre-tax earnings required to cover any preferred stock dividend requirements | - |
| - |
| - |
| - |
| - |
| - | |
| Interest factor portion of rental expense | 51,941 |
| 63,170 |
| 33,299 |
| 10,238 |
| 10,324 |
| 8,663 | |
|
|
|
|
|
|
|
|
|
|
|
| ||
| Total fixed charges | 123,812 |
| 110,494 |
| 100,284 |
| 36,798 |
| 20,006 |
| 16,943 | |
|
|
|
|
|
|
|
|
|
|
|
| ||
|
| Ratio of earnings to fixed charges | 0.4 |
| 0.4 |
| 0.9 |
| 1.0 |
| 2.0 |
| 1.6 |
|
|
|
|
|
|
|
|
|
|
|
| ||
Earnings required to cover fixed charges | 80,309 |
| 66,692 |
| 5,353 |
| 912 |
| - |
| - | ||
|
|
|
|
|
|
|
|
|
|
|
| ||
For purposes of this computation, earnings are defined as income (loss) before income taxes and adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, plus fixed charges, amortization of capitalized interest and distributed income of equity investees, less capitalized interest. Fixed charges are defined as the sum of interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness and an estimate of the interest within rent expense. |