EX-12.1 3 nhi-12312017x10kex121.htm COMPUTATION OF RATIO OF FIXED CHARGES

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
| 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013
Earnings |  |  |  |  |  |  |  |  |
Income from continuing operations before adjustment for income or loss from equity investees | $ | 159,365 |  |  | $ | 153,930 |  |  | $ | 152,081 |  |  | $ | 103,123 |  |  | $ | 79,174 |
Add: State franchise taxes based on gross receipts | 124 |  |  | 244 |  |  | 124 |  |  | 133 |  |  | 132 |
Add: Fixed charges | 46,251 |  |  | 43,657 |  |  | 37,986 |  |  | 26,948 |  |  | 9,607 |
Add: Amortization of capitalized interest | 195 |  |  | 98 |  |  | 46 |  |  | 26 |  |  | 10 |
Subtract: Preferred stock dividends | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtract: Interest capitalized | (510 | ) |  | (549 | ) |  | (576 | ) |  | (378 | ) |  | (208 | )
Total Earnings | $ | 205,425 |  |  | $ | 197,380 |  |  | $ | 189,661 |  |  | $ | 129,852 |  |  | $ | 88,715 |
Fixed Charges |  |  |  |  |  |  |  |  |
Interest expense | $ | 42,149 |  |  | $ | 39,594 |  |  | $ | 34,216 |  |  | $ | 23,302 |  |  | $ | 8,523 |
Interest capitalized | 510 |  |  | 549 |  |  | 357 |  |  | 576 |  |  | 378 |
Amortization of costs related to indebtedness | 3,592 |  |  | 3,514 |  |  | 3,413 |  |  | 3,070 |  |  | 706 |
Total Fixed Charges | 46,251 |  |  | 43,657 |  |  | 37,986 |  |  | 26,948 |  |  | 9,607 |
Preferred Stock Dividends(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Combined Fixed Charges and Preferred Stock Dividends | $ | 46,251 |  |  | $ | 43,657 |  |  | $ | 37,986 |  |  | $ | 26,948 |  |  | $ | 9,607 |
Ratio of Earnings to Fixed Charges | 4.44 |  |  | 4.52 |  |  | 4.99 |  |  | 4.82 |  |  | 9.23 |
(1) There was no preferred stock outstanding for any of the periods presented. |  |  |  |  |  |  |  |  |