EXHIBIT 12
VENCOR, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
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1997 1996 1996 1995 1994 1993 1992
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Earnings:
Income from operations
before income taxes... $117,927 $ 95,082 $ 83,180 $ 32,364 $132,920 $ 79,065 $(69,363)
Fixed charges, exclu-
sive of capitalized
interest.............. 44,515 36,988 70,431 84,917 85,930 95,817 88,688
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$162,442 $132,070 $153,611 $117,281 $218,850 $174,882 $ 19,325
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Fixed Charges:
Interest............... $ 31,334 $ 24,621 $ 45,922 $ 60,918 $ 62,828 $ 73,559 $ 62,532
Amortization of de-
ferred loan costs..... 989 1,037 1,538 2,073 1,054 950 875
Interest portion of
rent expense.......... 12,192 11,330 22,971 21,926 22,048 21,308 25,281
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Fixed charges, exclu-
sive of capitalized
interest.............. 44,515 36,988 70,431 84,917 85,930 95,817 88,688
Capitalized interest... 4,687 950 2,788 1,100 918 690 112
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$ 49,202 $ 37,938 $ 73,219 $ 86,017 $ 86,848 $ 96,507 $ 88,800
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Ratio of earnings to
fixed charges.......... 3.3 3.5 2.1 1.4 2.5 1.8 0.2
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