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)
| Year Ended | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Earnings | ||||||||||||||||||||
Income from continuing operations before adjustment for income or loss from equity investees | $ | 153,930 | $ | 152,081 | $ | 103,123 | $ | 79,174 | $ | 72,789 | ||||||||||
Add: State franchise taxes based on gross receipts | 244 | 124 | 133 | 132 | 117 | |||||||||||||||
Add: Fixed charges | 43,657 | 37,986 | 26,948 | 9,607 | 3,700 | |||||||||||||||
Add: Amortization of capitalized interest | 142 | 68 | 37 | 16 | 5 | |||||||||||||||
Subtract: Preferred stock dividends | — | — | — | — | — | |||||||||||||||
Subtract: Interest capitalized | (549 | ) | (357 | ) | (576 | ) | (378 | ) | (208 | ) | ||||||||||
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Total Earnings | $ | 197,424 | $ | 189,902 | $ | 129,665 | $ | 88,551 | $ | 76,403 | ||||||||||
Fixed Charges | ||||||||||||||||||||
Interest expense | $ | 39,594 | $ | 34,216 | $ | 23,302 | $ | 8,523 | $ | 3,172 | ||||||||||
Interest capitalized | 549 | 357 | 576 | 378 | 208 | |||||||||||||||
Amortization of costs related to indebtedness | 3,514 | 3,413 | 3,070 | 706 | 320 | |||||||||||||||
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Total Fixed Charges | 43,657 | 37,986 | 26,948 | 9,607 | 3,700 | |||||||||||||||
Preferred Stock Dividends (1) | — | — | — | — | — | |||||||||||||||
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Combined Fixed Charges and Preferred Stock Dividends | $ | 43,657 | $ | 37,986 | $ | 26,948 | $ | 9,607 | $ | 3,700 | ||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 4.52 | 5.00 | 4.81 | 9.22 | 20.65 | |||||||||||||||
| (1) | There was no preferred stock outstanding for any of the periods presented. |
