EX-12.1 5 d930212dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CareTrust REIT, Inc.

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

 

    

 

Year Ended December 31,

     Three
Months
Ended
March 31,
2015		  
     2011(1)     2012(1)      2013(1)     2014(1)    

Earnings:

            

Pre-tax net (loss) income

    $ (6,514 )    $ 232       $ (272 )    $ (8,143 )    $ 2,038   

Add: Fixed charges

      11,122        12,221         12,657        21,628        5,913   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Earnings

 $ 4,608    $ 12,453    $ 12,385    $ 13,485    $ 7,951   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Fixed charges:

Interest expensed and capitalized

 $ 10,505    $ 11,502    $ 11,948    $ 20,019    $ 5,354   

Amortized premiums, discounts and capitalized expenses related to indebtedness

   601      705      699      1,603      547   

Estimate of interest within rental expense

   16      14      10      6      12   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Fixed charges

 $ 11,122    $ 12,221    $ 12,657    $ 21,628    $ 5,913   

Preferred stock dividends(2)

   —      —        —        —        —     
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Combined fixed charges and preferred stock dividends

 $ 11,122    $ 12,221    $ 12,657    $ 21,628    $ 5,913   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges(3)

   —        1.02x      —        —        1.34x   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividends

   —        1.02x      —        —        1.34x   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

 

(1) The ratios for the years ended December 31, 2011, 2012 and 2013 are based on the historical financial information of Ensign Properties, the predecessor of CareTrust REIT, Inc. (the “Company”). The ratios for the year ended December 31, 2014 are based, in part, on the historical financial information of Ensign Properties prior to June 1, 2014, the effective date of the Spin-Off (as defined in the Registration Statement on Form S-3 filed herewith).
(2) The Company (and Ensign Properties) did not have any preferred stock outstanding for the years ended December 31, 2011, 2012, 2013 or 2014 or for the three months ended March 31, 2015.
(3) Earnings were insufficient to cover fixed charges by $6,514, $272 and $8,143 for the years ended December 31, 2011, 2013 and 2014, respectively.