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 ---------------------------------------------------- EARNINGS 1999 2000 2001 2002 2003 ------- ------- ------- ------- ------- Income before minority interests and other $28,288 $30,471 $8,278 $19,166 $21,182 Add: Fixed charges (interest expense, amortization of debt issue costs and minority interest expense 22,734 27,853 22,408 22,630 22,177 Amortization of capitalized interest -- -- -- -- -- Distributed income of equity investees -- -- -- -- -- Share of pre-tax losses of equity investees -- -- -- -- -- Less: Capitalized interest -- -- -- -- -- Minority interest expense on consolidated subsidiaries (1,018) (982) (973) (1,308) (1,300) Minority interest in pre-tax income that have not incurred fixed charges (equity method investees) -- -- -- -- -- ------- ------- ------- ------- ------- Total Earnings 50,004 57,342 29,713 40,488 42,059 ------- ------- ------- ------- ------- FIXED CHARGES Interest expense (includes amortization of debt issue costs 21,716 26,871 21,435 21,322 20,877 Estimated interest in rental expense -- -- -- -- -- Minority interest expense on consolidated subsidiaries 1,018 982 973 1,308 1,300 ------- ------- ------- ------- ------- Total Fixed Charges 22,734 27,853 22,408 22,630 22,177 ------- ------- ------- ------- ------- PREFERRED DIVIDENDS $15,087 $15,087 $15,077 $15,042 $16,596 RATIO OF EARNINGS TO FIXED CHARGES 2.20 2.06 1.33 1.79 1.90 RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS 1.32 1.34 0.79 1.07 1.08