Exhibit 12.1
HCPI
RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
YTD 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||
Interest Expense and Debt Amortization | 42,466 | 88,297 | 74,951 | 75,526 | 84,684 | 58,077 | ||||||||||||
Rental Expense | 253 | 130 | 164 | 152 | 138 | 119 | ||||||||||||
Capitalized Interest | 881 | 1,210 | 1,323 | 243 | 514 | 1,223 | ||||||||||||
Fixed Charges | 43,600 | 89,637 | 76,438 | 75,921 | 85,336 | 59,419 | ||||||||||||
Earnings: | ||||||||||||||||||
Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees | 83,054 | 154,056 | 139,760 | 117,187 | 112,325 | 76,505 | ||||||||||||
Add Back Fixed Charges | 43,600 | 89,637 | 76,438 | 75,921 | 85,336 | 59,419 | ||||||||||||
Add Distributed Income from Equity Investees | 2,289 | 3,384 | 1,023 | 944 | 1,412 | 2,501 | ||||||||||||
Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges | (92 | ) | (439 | ) | (348 | ) | (458 | ) | (638 | ) | — | |||||||
Less Capitalized Interest | (881 | ) | (1,210 | ) | (1,323 | ) | (243 | ) | (514 | ) | (1,223 | ) | ||||||
Less Minority Interest from Subsidiaries without Fixed Charges | (3,482 | ) | (4,568 | ) | (3,072 | ) | (3,109 | ) | (3,485 | ) | (271 | ) | ||||||
Total | 124,488 | 240,860 | 212,478 | 190,242 | 194,436 | 136,931 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.86 | 2.69 | 2.78 | 2.51 | 2.28 | 2.30 | ||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS | ||||||||||||||||||
Fixed Charges: | ||||||||||||||||||
Interest Expense and Debt Amortization | 42,466 | 88,297 | 74,951 | 75,526 | 84,684 | 58,077 | ||||||||||||
Preferred Stock Dividend | 10,565 | 36,736 | 24,900 | 24,900 | 24,900 | 17,775 | ||||||||||||
Rental Expense | 253 | 130 | 164 | 152 | 138 | 119 | ||||||||||||
Capitalized Interest | 881 | 1,210 | 1,323 | 243 | 514 | 1,223 | ||||||||||||
Fixed Charges | 54,165 | 126,373 | 101,338 | 100,821 | 110,236 | 77,194 | ||||||||||||
Earnings (see above) | 124,488 | 240,860 | 212,478 | 190,242 | 194,436 | 136,931 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.30 | 1.91 | 2.10 | 1.89 | 1.76 | 1.77 | ||||||||||||