EX-12.1 7 a2210036zex-12_1.htm EX-12.1
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Exhibit 12.1

 
    
   Year Ended December 31,  
 
   Three Months
Ended
March 31,
2012 		 
 
   2011
Pro Forma(1) 		  2011
Actual 		  2010   2009   2008   2007  

RATIO OF EARNINGS TO FIXED CHARGES

                                            

Fixed charges:

                                            

Interest expense and debt amortization

   $ 104,568   $ 427,259   $ 419,336   $ 288,657   $ 298,898   $ 349,313   $ 358,834  

Rental expense

     1,640     6,235     6,186     5,939     6,039     6,008     8,151  

Capitalized interest

     6,683     26,402     26,402     21,664     25,917     27,490     12,346  
                               

Fixed charges

   $ 112,891   $ 459,896   $ 451,924   $ 316,260   $ 330,854   $ 382,811   $ 379,331  
                               

Earnings:

                                            

Income before income taxes and equity income from and impairments of investments in unconsolidated JVs

   $ 179,187   $ 591,742   $ 504,454   $ 387,797   $ 101,058   $ 228,785   $ 127,229  

Add back: Fixed charges

     112,891     459,896     451,924     316,260     330,854     382,811     379,331  

Add: Distributed income from equity investees

     913     3,273     3,273     5,373     7,273     6,745     5,264  

Less: Capitalized interest

     (6,683 )   (26,402 )   (26,402 )   (21,664 )   (25,917 )   (27,490 )   (12,346 )

Less: Noncontrolling interest from subsidiaries without fixed charges

     (3,462 )   (16,466 )   (16,466 )   (15,517 )   (13,049 )   (17,996 )   (20,110 )
                               

Earnings

   $ 282,846   $ 1,012,043   $ 916,783   $ 672,249   $ 400,219   $ 572,855   $ 479,368  
                               

Ratio of Earnings to Fixed Charges

     2.51     2.20     2.03     2.13     1.21     1.50     1.26  
                               

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

                                            

Fixed charges:

                                            

Interest expense and debt amortization

   $ 104,568   $ 427,259   $ 419,336   $ 288,657   $ 298,898   $ 349,313   $ 358,834  

Preferred stock dividends

     17,006     21,130     21,130     21,130     21,130     21,130     21,130  

Rental expense

     1,640     6,235     6,186     5,939     6,039     6,008     8,151  

Capitalized interest

     6,683     26,402     26,402     21,664     25,917     27,490     12,346  
                               

Fixed charges

   $ 129,897   $ 481,026   $ 473,054   $ 337,390   $ 351,984   $ 403,941   $ 400,461  
                               

Earnings (see above)

   $ 282,846   $ 1,012,043   $ 916,783   $ 672,249   $ 400,219   $ 572,855   $ 479,368  
                               

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

     2.18     2.10     1.94     1.99     1.14     1.42     1.20  
                               
(1)
The unaudited pro forma condensed consolidated statement of income data used in the pro forma calculations for the year ended December 31, 2011 was prepared under the purchase method of accounting as if the acquisition of HCR Properties, Inc. ("HCR PropCo.") and the approximate 10% ownership interest in the operations of HCR ManorCare, Inc. had been completed on January 1, 2011. We have included this information only for purposes of illustration, and it does not necessarily indicate what the ratios would have been if the acquisitions had actually been completed on that date. Moreover, this information does not necessarily indicate what the future ratios of earnings to fixed charges will be.



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