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: | 67,748 | 77,891 | 78,489 | 86,747 | 58,458 | 37,836 | ||||||||||||
Unconsolidated Partnerships’ Fixed Charges Related to Guaranteed Debt | 583 | 864 | 1,141 | 928 | 828 | 1,554 | ||||||||||||
Rental Expense | 130 | 164 | 152 | 138 | 119 | 111 | ||||||||||||
Capitalized Interest | 464 | 1,323 | 243 | 514 | 1,223 | 1,800 | ||||||||||||
Fixed Charges | 68,925 | 80,242 | 80,025 | 88,327 | 60,628 | 41,301 | ||||||||||||
Earnings: | ||||||||||||||||||
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees | 121,829 | 149,751 | 125,997 | 121,266 | 81,415 | 71,800 | ||||||||||||
Add Back Fixed Charges | 68,925 | 80,242 | 80,025 | 88,327 | 60,628 | 41,301 | ||||||||||||
Add Distributed Income from Equity Investees | 2,061 | 1,023 | 944 | 1,412 | 2,501 | 2,110 | ||||||||||||
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges | (411 | ) | (348 | ) | (467 | ) | (884 | ) | (425 | ) | (24 | ) | ||||||
Less Capitalized Interest | (464 | ) | (1,323 | ) | (243 | ) | (514 | ) | (1,223 | ) | (1,800 | ) | ||||||
Less Minority Interest from Subsidiaries without Fixed Charges | (2,424 | ) | (3,072 | ) | (3,109 | ) | (3,441 | ) | (401 | ) | (594 | ) | ||||||
Total | 189,516 | 226,273 | 203,147 | 206,166 | 142,495 | 112,793 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.75 | 2.82 | 2.54 | 2.33 | 2.35 | 2.73 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||
Interest Expense and Debt Amortization: | 67,748 | 77,891 | 78,489 | 86,747 | 58,458 | 37,836 | ||||||||||||
Unconsolidated Partnerships’ Fixed Charges Related to Guaranteed Debt | 583 | 864 | 1,141 | 928 | 828 | 1,554 | ||||||||||||
Preferred Stock Dividend | 33,773 | 24,900 | 24,900 | 24,900 | 17,775 | 8,532 | ||||||||||||
Rental Expense | 130 | 164 | 152 | 138 | 119 | 111 | ||||||||||||
Capitalized Interest | 464 | 1,323 | 243 | 514 | 1,223 | 1,800 | ||||||||||||
Fixed Charges | 102,698 | 105,142 | 104,925 | 113,227 | 78,403 | 49,833 | ||||||||||||
Earnings (see above) | 189,516 | 226,273 | 203,147 | 206,166 | 142,495 | 112,793 | ||||||||||||
Ratio of Earnings to Fixed Charges | 1.85 | 2.15 | 1.94 | 1.82 | 1.82 | 2.26 | ||||||||||||