EX-12.1 6 nhi-12312016x10kex121.htm COMPUTATION OF RATIO OF FIXED CHARGES Exhibit


Exhibit 12.1
 
NATIONAL HEALTH INVESTORS, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF 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 Fixed Charges
4.52

 
5.00

 
4.81

 
9.22

 
20.65

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