Exhibit 12.1
NATIONAL HEALTH INVESTORS, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
(unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended | | Year Ended |
| | September 30, 2013 | | 2012 | | 2011 | | 2010 | | 2009 | | 2008 |
| Earnings | | | | | | | | | | | |
| Income from continuing operations before adjustment for income or loss from equity investees | $ | 57,112 |
| | $ | 74,618 |
| | $ | 73,192 |
| | $ | 61,786 |
| | $ | 56,255 |
| | $ | 49,620 |
|
| Add: State franchise taxes based on gross receipts | 110 |
| | 117 |
| | 96 |
| | 82 |
| | 52 |
| | 38 |
|
| Add: Fixed charges | 6,455 |
| | 4,020 |
| | 4,459 |
| | 1,860 |
| | 182 |
| | 336 |
|
| Add: Amortization of capitalized interest | 4 |
| | 1 |
| | — |
| | — |
| | — |
| | — |
|
| Subtract: Preferred stock dividends | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| Subtract: Interest capitalized | (201 | ) | | (208 | ) | | (30 | ) | | — |
| | — |
| | — |
|
| Total Earnings | $ | 63,480 |
| | $ | 78,548 |
| | $ | 77,717 |
| | $ | 63,728 |
| | $ | 56,489 |
| | $ | 49,994 |
|
| | | | | | | | | | | | |
| Fixed Charges | | | | | | | | | | | |
| Interest expense | $ | 5,658 |
| | $ | 3,492 |
| | $ | 3,848 |
| | $ | 1,552 |
| | $ | 175 |
| | $ | 323 |
|
| Interest capitalized | 201 |
| | 208 |
| | 30 |
| | — |
| | — |
| | — |
|
| Amortization of costs related to indebtedness | 596 |
| | 320 |
| | 581 |
| | 308 |
| | — |
| | — |
|
Estimated interest in rental expense(1) | — |
| | — |
| | — |
| | — |
| | 7 |
| | 13 |
|
| Total Fixed Charges | 6,455 |
| | $ | 4,020 |
| | $ | 4,459 |
| | $ | 1,860 |
| | $ | 182 |
| | $ | 336 |
|
| | | | | | | | | | | | |
Preferred Stock Dividends(2) | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
| | | | | | | | | | | | |
| Combined Fixed Charges and Preferred Stock Dividends | 6,455 |
| | 4,020 |
| | 4,459 |
| | 1,860 |
| | 182 |
| | 336 |
|
| | | | | | | | | | | | |
| Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 9.83 |
| | 19.54 |
| | 17.43 |
| | 34.26 |
| | 310.38 |
| | 148.79 |
|
(1) Assumes that one-third of rent expense represents a reasonable approximation of the interest factor.
(2) There was no preferred stock outstanding for any of the periods presented.
