National Health Investors (NHI) 10-K2015 FY Annual report

Filed: 18 Feb 16, 12:00am

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Exhibit 12.1
NATIONAL HEALTH INVESTORS, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
(unaudited)

	Year Ended
	2015			2014			2013			2012			2011
Earnings
Income from continuing operations before adjustment for income or loss from equity investees	$	155,081		$	103,123		$	79,174		$	72,789		$	69,817
Add: State franchise taxes based on gross receipts	124			133			132			117			96
Add: Fixed charges	37,986			26,948			9,607			3,700			2,681
Add: Amortization of capitalized interest	57			112			9			1			—
Subtract: Preferred stock dividends	—			—			—			—			—
Subtract: Interest capitalized	(357		)	(576		)	(378		)	(208		)	(30		)
Total Earnings	$	192,891		$	129,740		$	88,544		$	76,399		$	72,564

Fixed Charges
Interest expense	$	34,216		$	23,302		$	8,523		$	3,172		$	2,070
Interest capitalized	357			576			378			208			30
Amortization of costs related to indebtedness	3,413			3,070			706			320			581
Total Fixed Charges	37,986			26,948			9,607			3,700			2,681
Preferred Stock Dividends⁽¹⁾	—			—			—			—			—
Combined Fixed Charges and Preferred Stock Dividends	$	37,986		$	26,948		$	9,607		$	3,700		$	2,681

Ratio of Earnings to Fixed Charges	5.08			4.81			9.22			20.65			27.07

(1) There was no preferred stock outstanding for any of the periods presented.