EXHIBIT 12.1
HCPI
RATIO OF EARNINGS TO FIXED CHARGES
and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES
| |||||||||||||||
Fixed Charges: | |||||||||||||||
Interest Expense and Debt Amortization: | 77,952 |
| 78,489 |
| 86,747 |
| 58,458 |
| 37,625 |
| |||||
Pro-Rata Share of Unconsolidated Partnerships' Fixed Charges | 727 |
| 530 |
| 441 |
| 414 |
| 777 |
| |||||
Rental Expense | 164 |
| 152 |
| 138 |
| 119 |
| 111 |
| |||||
Capitalized Interest | 1,323 |
| 243 |
| 514 |
| 1,223 |
| 1,800 |
| |||||
Fixed Charges | 80,166 |
| 79,414 |
| 87,840 |
| 60,214 |
| 40,313 |
| |||||
Earnings: | |||||||||||||||
Net Income from Operations | 145,614 |
| 130,289 |
| 124,531 |
| 88,547 |
| 76,819 |
| |||||
Add Back Fixed Charges | 80,166 |
| 79,414 |
| 87,840 |
| 60,214 |
| 40,313 |
| |||||
Less Capitalized Interest | (1,323 | ) | (243 | ) | (514 | ) | (1,223 | ) | (1,800 | ) | |||||
Total | 224,457 |
| 209,460 |
| 211,857 |
| 147,538 |
| 115,332 |
| |||||
Ratio of Earnings to Fixed Charges | 2.80 |
| 2.64 |
| 2.41 |
| 2.45 |
| 2.86 |
| |||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
| |||||||||||||||
Fixed Charges: | |||||||||||||||
Interest Expense and Debt Amortization: | 77,952 |
| 78,489 |
| 86,747 |
| 58,458 |
| 37,625 |
| |||||
Pro-Rata Share of Unconsolidated Partnerships' Fixed Charges | 727 |
| 530 |
| 441 |
| 414 |
| 777 |
| |||||
Preferred Stock Dividend | 24,900 |
| 24,900 |
| 24,900 |
| 17,775 |
| 8,532 |
| |||||
Rental Expense | 164 |
| 152 |
| 138 |
| 119 |
| 111 |
| |||||
Capitalized Interest | 1,323 |
| 243 |
| 514 |
| 1,223 |
| 1,800 |
| |||||
Fixed Charges | 105,066 |
| 104,314 |
| 112,740 |
| 77,989 |
| 48,845 |
| |||||
Earnings (see above) | 224,457 |
| 209,460 |
| 211,857 |
| 147,538 |
| 115,332 |
| |||||
Ratio of Earnings to Fixed Charges | 2.14 |
| 2.01 |
| 1.88 |
| 1.89 |
| 2.36 |
| |||||