1 EXHIBIT 12.1 HEALTH CARE REIT, INC. STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Year Ended December 31 ---------------------------------------------- 1996 1995 1994 1993 1992 ---- ---- ---- ---- ---- (in thousands) CONSOLIDATED EARNINGS: Net income 30,676 13,635 24,953 20,055 16,515 Add: Interest Expense 14,635 12,752 9,684 10,817 8,160 Amortization of Loan Expenses 808 752 638 328 244 ------ ------ ------ ------ ------ Consolidated Earnings 46,119 27,139 35,275 31,200 24,919 CONSOLIDATED FIXED CHARGES: Interest Expense 14,635 12,752 9,684 10,817 8,160 Capitalized Interest 287 Amortization of Loan Expenses 808 752 638 328 244 ------ ------ ------ ------ ------ Consolidated Fixed Charges 15,730 13,504 10,322 11,145 8,404 ====== ====== ====== ====== ====== Ratio 2.93 2.01 3.42 2.80 2.97