EXHIBIT 12.1
HCPI
RATIO OF EARNINGS TO FIXED CHARGES
and RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
YTD 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||
Interest Expense and Debt Amortization: | 45,142 | 77,891 | 78,489 | 86,747 | 58,458 | 37,836 | ||||||||||||
Pro-Rata Share of Unconsolidated Partnerships’ Fixed Charges | 775 | 727 | 530 | 441 | 414 | 777 | ||||||||||||
Rental Expense | 84 | 164 | 152 | 138 | 119 | 111 | ||||||||||||
Capitalized Interest | 281 | 1,323 | 243 | 514 | 1,223 | 1,800 | ||||||||||||
Fixed Charges | 46,282 | 80,105 | 79,414 | 87,840 | 60,214 | 40,524 | ||||||||||||
Earnings: | ||||||||||||||||||
Net Income from Operations | 77,147 | 151,021 | 127,129 | 121,536 | 83,189 | 73,733 | ||||||||||||
Add Back Fixed Charges | 46,282 | 80,105 | 79,414 | 87,840 | 60,214 | 40,524 | ||||||||||||
Less Capitalized Interest | (281 | ) | (1,323 | ) | (243 | ) | (514 | ) | (1,223 | ) | (1,800 | ) | ||||||
Total | 123,148 | 229,803 | 206,300 | 208,862 | 142,180 | 112,457 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.66 | 2.87 | 2.60 | 2.38 | 2.36 | 2.78 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||
Interest Expense and Debt Amortization: | 45,142 | 77,891 | 78,489 | 86,747 | 58,458 | 37,836 | ||||||||||||
Pro-Rata Share of Unconsolidated Partnerships’ Fixed Charges | 775 | 727 | 530 | 441 | 414 | 777 | ||||||||||||
Preferred Stock Dividend | 22,844 | 24,900 | 24,900 | 24,900 | 17,775 | 8,532 | ||||||||||||
Rental Expense | 84 | 164 | 152 | 138 | 119 | 111 | ||||||||||||
Capitalized Interest | 281 | 1,323 | 243 | 514 | 1,223 | 1,800 | ||||||||||||
Fixed Charges | 69,126 | 105,005 | 104,314 | 112,740 | 77,989 | 49,056 | ||||||||||||
Earnings (see above) | 123,148 | 229,803 | 206,300 | 208,862 | 142,180 | 112,457 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.78 | 2.19 | 1.98 | 1.85 | 1.82 | 2.29 | ||||||||||||