Exhibit 12.1

NATIONAL HEALTH INVESTORS, INC.

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED

CHARGES AND PREFERRED STOCK DIVIDENDS

(dollars in thousands)

(unaudited)

	Year Ended
	2016			2015			2014			2013			2012
Earnings
Income from continuing operations before adjustment for income or loss from equity investees	$	153,930		$	152,081		$	103,123		$	79,174		$	72,789
Add: State franchise taxes based on gross receipts		244			124			133			132			117
Add: Fixed charges		43,657			37,986			26,948			9,607			3,700
Add: Amortization of capitalized interest		142			68			37			16			5
Subtract: Preferred stock dividends		—			—			—			—			—
Subtract: Interest capitalized		(549	)		(357	)		(576	)		(378	)		(208	)
Total Earnings	$	197,424		$	189,902		$	129,665		$	88,551		$	76,403
Fixed Charges
Interest expense	$	39,594		$	34,216		$	23,302		$	8,523		$	3,172
Interest capitalized		549			357			576			378			208
Amortization of costs related to indebtedness		3,514			3,413			3,070			706			320
Total Fixed Charges		43,657			37,986			26,948			9,607			3,700
Preferred Stock Dividends (1)		—			—			—			—			—
Combined Fixed Charges and Preferred Stock Dividends	$	43,657		$	37,986		$	26,948		$	9,607		$	3,700
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		4.52			5.00			4.81			9.22			20.65

(1) There was no preferred stock outstanding for any of the periods presented.