SABRA HEALTH CARE REIT, INC. AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
|
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | | 2013 | | 2012 | | 2013 | | 2012 |
| | | | | | | | | |
Earnings | | | | | | | | |
| Pre-tax net income | | $ | 11,821 |
| | $ | 5,226 |
| | $ | 20,716 |
| | $ | 15,554 |
|
| Add: | | | | | | | | |
| Fixed charges | | 9,747 |
| | 9,092 |
| | 29,907 |
| | 24,703 |
|
Earnings, as adjusted | | $ | 21,568 |
| | $ | 14,318 |
| | $ | 50,623 |
| | $ | 40,257 |
|
| | | | | | | | | |
Fixed charges | | | | | | | | |
| Interest expensed and capitalized | | $ | 9,067 |
| | $ | 8,508 |
| | $ | 28,024 |
| | $ | 22,915 |
|
| Amortized premiums, discounts and capitalized expenses related to indebtedness | | 672 |
| | 577 |
| | 1,860 |
| | 1,766 |
|
| Estimate of interest within rental expense | | 8 |
| | 7 |
| | 23 |
| | 22 |
|
Fixed charges, as adjusted | | 9,747 |
| | 9,092 |
| | 29,907 |
| | 24,703 |
|
Preferred stock dividends (1) | | 2,579 |
| | — |
| | 5,406 |
| | — |
|
Combined fixed charges and preferred stock dividends | | $ | 12,326 |
| | $ | 9,092 |
| | $ | 35,313 |
| | $ | 24,703 |
|
| | | | | | | | | |
Ratio of earnings to combined fixed charges and preferred stock dividends | | 1.75 | x | | 1.57 | x | | 1.43 | x | | 1.63 | x |
(1) The Company did not have any preferred stock outstanding for the three and nine months ended September 30, 2012.