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 | ||||||||||||||||||||
| 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before adjustment for income or loss from equity investees | $ | 79,174 | $ | 72,789 | $ | 69,817 | $ | 58,729 | $ | 53,682 | ||||||||||
Add: State franchise taxes based on gross receipts | 132 | 117 | 96 | 82 | 52 | |||||||||||||||
Add: Fixed charges | 10,313 | 4,020 | 4,459 | 1,860 | 182 | |||||||||||||||
Add: Amortization of capitalized interest | 9 | 1 | — | — | — | |||||||||||||||
Subtract: Preferred stock dividends | — | — | — | — | — | |||||||||||||||
Subtract: Interest capitalized | (378 | ) | (208 | ) | (30 | ) | — | — | ||||||||||||
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Total Earnings | $ | 89,250 | $ | 76,719 | $ | 74,342 | $ | 60,671 | $ | 53,916 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 9,229 | $ | 3,492 | $ | 3,848 | $ | 1,552 | $ | 175 | ||||||||||
Interest capitalized | 378 | 208 | 30 | — | — | |||||||||||||||
Amortization of costs related to indebtedness | 706 | 320 | 581 | 308 | — | |||||||||||||||
Estimated interest in rental expense (1) | — | — | — | — | 7 | |||||||||||||||
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Total Fixed Charges | 10,313 | 4,020 | 4,459 | 1,860 | 182 | |||||||||||||||
Preferred Stock Dividends (2) | — | — | — | — | — | |||||||||||||||
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Combined Fixed Charges and Preferred Stock Dividends | $ | 10,313 | $ | 4,020 | $ | 4,459 | $ | 1,860 | $ | 182 | ||||||||||
Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 8.65 | 19.08 | 16.67 | 32.62 | 296.24 | |||||||||||||||
| (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. |
