EX-12.1 5 a06-19237_3ex12d1.htm EX-12

Exhibit 12.1

HCP

RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

(Dollars in Thousands)

 

 

 

Six Months
Ended
June 30,

 

Years Ended December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

RATIO OF EARNINGS TO FIXED CHARGES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization

 

$

65,733

 

$

107,201

 

$

87,561

 

$

88,297

 

$

74,951

 

$

75,526

 

Rental Expense

 

1,521

 

2,614

 

1,306

 

625

 

510

 

461

 

Capitalized Interest

 

361

 

637

 

1,650

 

1,210

 

1,323

 

243

 

Fixed Charges

 

$

67,615

 

$

110,452

 

$

90,517

 

$

90,132

 

$

76,784

 

$

76,230

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax Income from Continuing Operations before Minority Interest and Income from Equity Investees

 

$

87,391

 

$

167,276

 

$

159,361

 

$

142,479

 

$

128,535

 

$

107,023

 

Add Back Fixed Charges

 

67,615

 

110,452

 

90,517

 

90,132

 

76,784

 

76,230

 

Add Distributed Income from Equity Investees

 

5,623

 

—

 

2,157

 

1,195

 

920

 

944

 

Add Losses from Equity Investees for which charges arising from guarantees are included in fixed charges

 

(48

)

(2,159

)

(79

)

(439

)

(348

)

(458

)

Less Capitalized Interest

 

(361

)

(637

)

(1,650

)

(1,210

)

(1,323

)

(243

)

Less Minority Interest from Subsidiaries without Fixed Charges

 

(2,885

)

(4,489

)

(5,369

)

(4,568

)

(3,072

)

(3,109

)

Total

 

$

157,335

 

$

270,443

 

$

244,937

 

$

227,589

 

$

201,496

 

$

180,387

 

Ratio of Earnings to Fixed Charges

 

2.33

 

2.45

 

2.71

 

2.53

 

2.62

 

2.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense and Debt Amortization

 

$

65,733

 

$

107,201

 

$

87,561

 

$

88,297

 

$

74,951

 

$

75,526

 

Preferred Stock Dividend

 

10,566

 

21,130

 

21,130

 

36,736

 

24,900

 

24,900

 

Rental Expense

 

1,521

 

2,614

 

1,306

 

625

 

510

 

461

 

Capitalized Interest

 

361

 

637

 

1,650

 

1,210

 

1,323

 

243

 

Fixed Charges

 

$

78,181

 

$

131,582

 

$

111,647

 

$

126,868

 

$

101,684

 

$

101,130

 

Earnings (see above)

 

157,335

 

$

270,443

 

$

244,937

 

$

227,589

 

$

201,496

 

$

180,387

 

Ratio of Earnings to Fixed Charges

 

2.01

 

2.06

 

2.19

 

1.79

 

1.98

 

1.78