Exhibit 12.1
HCP
RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
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| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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RATIO OF EARNINGS TO FIXED CHARGES |
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Fixed Charges: |
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Interest Expense and Debt Amortization |
| $ | 107,201 |
| $ | 87,561 |
| $ | 88,297 |
| $ | 74,951 |
| $ | 75,526 |
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Rental Expense |
| 2,614 |
| 1,306 |
| 625 |
| 510 |
| 461 |
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Capitalized Interest |
| 637 |
| 1,650 |
| 1,210 |
| 1,323 |
| 243 |
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Fixed Charges |
| $ | 110,452 |
| $ | 90,517 |
| $ | 90,132 |
| $ | 76,784 |
| $ | 76,230 |
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Earnings: |
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Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees |
| $ | 173,214 |
| $ | 164,228 |
| $ | 147,168 |
| $ | 132,149 |
| $ | 108,127 |
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Add Back Fixed Charges |
| 110,452 |
| 90,517 |
| 90,132 |
| 76,784 |
| 76,230 |
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Add Distributed Income from Equity Investees |
| — |
| 2,157 |
| 1,195 |
| 920 |
| 944 |
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Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges |
| (2,159 | ) | (79 | ) | (439 | ) | (348 | ) | (458 | ) | |||||
Less Capitalized Interest |
| (637 | ) | (1,650 | ) | (1,210 | ) | (1,323 | ) | (243 | ) | |||||
Less Minority Interest from Subsidiaries without Fixed Charges |
| (4,489 | ) | (5,369 | ) | (4,568 | ) | (3,072 | ) | (3,109 | ) | |||||
Total |
| $ | 276,381 |
| $ | 249,804 |
| $ | 232,278 |
| $ | 205,110 |
| $ | 181,491 |
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Ratio of Earnings to Fixed Charges |
| 2.50 |
| 2.76 |
| 2.58 |
| 2.67 |
| 2.38 |
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RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS |
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Fixed Charges: |
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Interest Expense and Debt Amortization |
| $ | 107,201 |
| $ | 87,561 |
| $ | 88,297 |
| $ | 74,951 |
| $ | 75,526 |
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Preferred Stock Dividend |
| 21,130 |
| 21,130 |
| 36,736 |
| 24,900 |
| 24,900 |
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Rental Expense |
| 2,614 |
| 1,306 |
| 625 |
| 510 |
| 461 |
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Capitalized Interest |
| 637 |
| 1,650 |
| 1,210 |
| 1,323 |
| 243 |
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Fixed Charges |
| $ | 131,582 |
| $ | 111,647 |
| $ | 126,868 |
| $ | 101,684 |
| $ | 101,130 |
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Earnings (see above) |
| $ | 276,381 |
| $ | 249,804 |
| $ | 232,278 |
| $ | 205,110 |
| $ | 181,491 |
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Ratio of Earnings to Fixed Charges |
| 2.10 |
| 2.24 |
| 1.83 |
| 2.02 |
| 1.79 |
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