EX-12 4 ltc-20151231ex1254b2522.htm EX-12 ltc_Ex_12

Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

    

2015

    

2014

    

2013

    

2012

    

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
73,081

 

$
73,399

 

$
55,405

 

$
50,306

 

$
48,620

 

Fixed charges

 

 
18,324

 

 
14,634

 

 
12,296

 

 
10,098

 

 
6,670

 

Capitalized interest

 

 
(827)

 

 
(1,506)

 

 
(932)

 

 
(130)

 

 
(45)

 

Income allocated to non-controlling interests

 

 

 -

 

 

 -

 

 

 -

 

 
(37)

 

 
(191)

 

Earnings

 

$
90,578

 

$
86,527

 

$
66,769

 

$
60,237

 

$
55,054

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of debt issue costs and capitalized interest)

 

 
17,497

 

 
13,128

 

 
11,364

 

 
9,931

 

 
6,434

 

Capitalized Interest

 

 
827

 

 
1,506

 

 
932

 

 
130

 

 
45

 

Income allocated to non-controlling interests

 

 

 -

 

 

 -

 

 

 -

 

 
37

 

 
191

 

Total fixed charges

 

 
18,324

 

 
14,634

 

 
12,296

 

 
10,098

 

 
6,670

 

Preferred stock dividend (excludes preferred stock redemption charge)

 

 
2,454

 

 
3,273

 

 
3,273

 

 
3,273

 

 
5,512

 

Total fixed charges and preferred dividends

 

$
20,778

 

$
17,907

 

$
15,569

 

$
13,371

 

$
12,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 
4.94

 

 
5.91

 

 
5.43

 

 
5.97

 

 
8.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred dividends

 

 
4.36

 

 
4.83

 

 
4.29

 

 
4.51

 

 
4.52