EXHIBIT 12 LTC PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in thousands) (unaudited) PERIOD ENDED DECEMBER 31, ----------------------------------------------- 1996 1995 1994 1993 1992(1) Net income $22,537 $20,040 $15,338 $ 6,847 $ 763 Add Fixed Charges: Interest expense including amortization of debt issue costs 20,604 9,407 6,563 6,400 2,597 Minority interest 898 57 - - - ------- ------- ------- ------- ------ Earnings 44,039 29,504 21,901 13,247 3,360 Interest expense including amortization of debt issue costs 20,604 9,407 6,563 6,400 2,597 Minority interest 898 57 - - - ------- ------- ------- ------- ------ Fixed charges 21,502 9,464 6,563 6,400 2,597 Ratio of earnings to fixed charges 2.05x 3.12x 3.34x 2.07x 1.29x ======= ======= ======= ======= ====== (1) From August 25, 1992 (commencement of operations) to December 31, 1992.