EX-12.1 6 d353662dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CareTrust REIT, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

 

    Three Months
Ended
March 31,		     Year Ended December 31,  
    2017     2016     2015     2014(1)     2013(1)     2012(1)  

Earnings:

            

Pre-tax net (loss) income

   $ 10,281      $ 29,353      $ 10,034      $ (8,143 )    $ (272 )    $ 232   

Add: Fixed charges

     5,885        23,227        25,288        21,628        12,657        12,221   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

   $ 16,166      $ 52,580      $ 35,322      $ 13,485      $ 12,385      $ 12,453   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges:

            

Interest expensed and capitalized

   $ 5,318      $ 20,634      $ 21,848      $ 20,019      $ 11,948      $ 11,502   

Amortized premiums, discounts and capitalized expenses related to indebtedness

     561        2,565        3,408        1,603        699        705   

Estimate of interest within rental expense

     6        28        32        6        10        14   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges

   $ 5,885      $ 23,227      $ 25,288      $ 21,628      $ 12,657      $ 12,221   

Preferred stock dividends(2)

     —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock dividends

   $ 5,885      $ 23,227      $ 25,288      $ 21,628      $ 12,657      $ 12,221   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(3)

     2.75x        2.26x        1.40x        —          —          1.02x   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividends

     2.75x        2.26x        1.40x        —          —          1.02x   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) The ratios for the years ended December 31, 2012 and 2013 are based on the historical financial information of Ensign Properties, the predecessor of CareTrust REIT, Inc. (the “Company”). The ratios for the year ended December 31, 2014 are based, in part, on the historical financial information of Ensign Properties prior to June 1, 2014, the effective date of the Spin-Off (as defined in the Registration Statement on Form S-3 filed herewith).
(2) The Company (and Ensign Properties) did not have any preferred stock outstanding for the years ended December 31, 2012, 2013, 2014, 2015 or 2016, or for the three months ended March 31, 2017.
(3) Earnings were insufficient to cover fixed charges by $272 and $8,143 for the years ended December 31, 2013 and 2014, respectively.