EX-12 2 ltc-20171231ex128628420.htm EX-12 ltc_Ex_12

Exhibit 12

 

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

    

2017

    

2016

    

2015

    

2014

    

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$
87,340

 

$
85,115

 

$
73,081

 

$
73,399

 

$
55,405

 

Fixed charges

 

 

30,857

 

 

27,850

 

 

18,324

 

 

14,634

 

 

12,296

 

Capitalized interest

 

 

(908)

 

 

(1,408)

 

 

(827)

 

 

(1,506)

 

 

(932)

 

Income allocated to non-controlling interests

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

Earnings

 

$
117,289

 

$
111,557

 

$
90,578

 

$
86,527

 

$
66,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

29,949

 

 

26,442

 

 

17,497

 

 

13,128

 

 

11,364

 

Capitalized Interest

 

 

908

 

 

1,408

 

 

827

 

 

1,506

 

 

932

 

Income allocated to non-controlling interests

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

Total fixed charges

 

 

30,857

 

 

27,850

 

 

18,324

 

 

14,634

 

 

12,296

 

Preferred stock dividend (excludes preferred stock redemption charge)

 

 

 -

 

 

 -

 

 

2,454

 

 

3,273

 

 

3,273

 

Total fixed charges and preferred dividends

 

$
30,857

 

$
27,850

 

$
20,778

 

$
17,907

 

$
15,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

3.80

 

 

4.01

 

 

4.94

 

 

5.91

 

 

5.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges and preferred dividends

 

 

3.80

 

 

4.01

 

 

4.36

 

 

4.83

 

 

4.29