EX-12 3 vtr-20131231ex12.htm STATEMENT RE: COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES VTR-2013.12.31 EX 12


Exhibit 12

STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31,
(dollars in thousands)
 
2013
 
2012
 
2011
 
2010
 
2009
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest
 
$
478,990

 
$
282,374

 
$
330,468

 
$
220,997

 
$
186,184

Interest expense
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
 
334,484

 
288,276

 
223,804

 
169,981

 
170,232

Distributions from unconsolidated entities
 
6,641

 
10,006

 
3,790

 
689

 
—

Earnings
 
$
820,115

 
$
580,656

 
$
558,062

 
$
391,667

 
$
356,416

Interest
 
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt expense
 
$
334,484

 
$
288,276

 
$
223,804

 
$
169,981

 
$
170,232

Interest capitalized
 
855

 
1,857

 
1,233

 
—

 
304

Fixed charges
 
$
335,339

 
$
290,133

 
$
225,037

 
$
169,981

 
$
170,536

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
2.45

 
2.00

 
2.48

 
2.30

 
2.09