EXHIBIT 12.1
LTC PROPERTIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
(Dollars in Thousands)
(Unaudited)
Year Ended | Six 6/30/2003 | |||||||||||||||||||||||
1998 | 1999 | 2000 | 2001 | 2002 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income before minority interests and other | $ | 46,458 | $ | 29,504 | $ | 29,284 | $ | 5,246 | $ | 19,447 | $ | 10,174 | ||||||||||||
Add: Fixed charges | 23,682 | 22,813 | 28,165 | 22,718 | 22,941 | 10,840 | ||||||||||||||||||
Amortization of capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Distributed income of equity investees | — | — | — | — | — | — | ||||||||||||||||||
Share of pre-tax losses of equity investees | — | — | — | — | — | — | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | — | — | — | — | — | — | ||||||||||||||||||
Minority interest expense in consolidated subsidiaries | (1,415 | ) | (1,018 | ) | (982 | ) | (973 | ) | (1,308 | ) | (647 | ) | ||||||||||||
Minority interest in pre-tax income of equity investees that have not incurred fixed charges | — | — | — | — | — | — | ||||||||||||||||||
Total Earnings | 68,725 | 51,299 | 56,467 | 26,991 | 41,080 | 20,367 | ||||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense (includes amortization of debt issue costs) | 22,267 | 21,795 | 27,183 | 21,745 | 21,633 | 10,193 | ||||||||||||||||||
Estimated interest in rental expense | — | — | — | — | — | — | ||||||||||||||||||
Minority interest expense in consolidated subsidiaries | 1,415 | 1,018 | 982 | 973 | 1,308 | 647 | ||||||||||||||||||
Total Fixed Charges | 23,682 | 22,813 | 28,165 | 22,718 | 22,941 | 10,840 | ||||||||||||||||||
Preferred Dividends | $ | 12,896 | $ | 15,087 | $ | 15,087 | $ | 15,077 | $ | 15,042 | $ | 7,517 | ||||||||||||
Ratio of earnings to fixed charges | 2.90x | 2.25x | 2.00x | 1.19x | 1.79x | 1.88x | ||||||||||||||||||
Ratio of earnings to fixed charges and preferred dividends | 1.88x | 1.35x | 1.31x | 0.71x | 1.08x | 1.11x |