EX-12.1 7 a4683513ex121.txt COMPUTATION OF RATIO EXHIBIT 12.1 LTC PROPERTIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (Dollars in Thousands) (Unaudited)
Three Months Year Ended Ended --------------------------------------------------------- March 31, Earnings 1999 2000 2001 2002 2003 2004 --------------------------------------------------------- ---------- Income before minority interests and other $ 29,504 $ 29,284 $ 5,246 $ 19,447 $ 21,182 $ 9,197 Add: Fixed charges (interest expense, amortization of debt issue costs and minority interest expense 22,813 28,165 22,718 22,941 22,177 3,596 Amortization of capitalized interest -- -- -- -- -- Distributed income of equity investees -- -- -- -- -- Share of pre-tax losses of equity investees -- -- -- -- -- Less: Capitalized interest -- -- -- -- -- Minority interest expense on consolidated subsidiaries (1,018) (982) (973) (1,308) (1,300) (283) Minority interest in pre-tax income that have not incurred fixed charges (equity method investees) -- -- -- -- -- --------------------------------------------------------- ----------- Total Earnings 51,299 56,467 26,991 41,080 42,059 12,510 --------------------------------------------------------- ----------- Fixed Charges Interest expense (includes amortization of debt issue costs 21,795 27,183 21,745 21,633 20,877 3,313 Estimated interest in rental expense -- -- -- -- -- Minority interest expense on consolidated subsidiaries 1,018 982 973 1,308 1,300 283 --------------------------------------------------------- ----------- Total Fixed Charges 22,813 28,165 22,718 22,941 22,177 3,596 --------------------------------------------------------- ----------- Preferred Dividends $ 15,087 $ 15,087 $ 15,077 $ 15,042 $ 16,596 $ 4,946 Ratio of earnings to fixed charges 2.25 2.00 1.19 1.79 1.90 3.48 Ratio of earnings to fixed charges and preferred dividends 1.35 1.31 0.71 1.08 1.08 1.46