Exhibit 12
NATIONAL HEALTH INVESTORS, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
(unaudited)
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
(unaudited)
Three Months | ||||||||||||||||||||||||
Year Ended | Ended | |||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | March 31, 2010 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income from continuing operations | $ | 48,850 | $ | 56,561 | $ | 75,571 | $ | 51,579 | $ | 58,136 | $ | 14,693 | ||||||||||||
Add: State Franchise taxes based on gross receipts | — | — | 38 | 38 | 52 | 17 | ||||||||||||||||||
Add: Fixed charges | 8,493 | 8,261 | 4,700 | 336 | 182 | 228 | ||||||||||||||||||
Total Earnings | $ | 57,343 | $ | 64,822 | $ | 80,309 | $ | 51,953 | $ | 58,370 | $ | 14,938 | ||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 8,493 | $ | 8,261 | $ | 4,700 | $ | 323 | $ | 175 | $ | 228 | ||||||||||||
Estimated interest in rental expense(1) | — | — | — | 13 | 7 | — | ||||||||||||||||||
$ | 8,493 | $ | 8,261 | $ | 4,700 | $ | 336 | $ | 182 | $ | 228 | |||||||||||||
Ratio of Earnings to Fixed Charges | 6.75 | 7.85 | 17.09 | 154.62 | 320.71 | 65.52 |
(1) | Assumes that approximately one-third of rent expense is representative of the interest factor. |