EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
OMEGA HEALTHCARE INVESTORS, INC.
AUGUST 14, 1992 YEAR ENDED DECEMBER 31
(INCEPTION) TO ----------------------------------------
DECEMBER 31, 1992(1) 1993 1994 1995 1996E
-------------------- ---- ---- ---- -----
(IN $1,000, EXCEPT RATIO)
Earnings before extraordinary item.... $4,424 $11,573 $17,777 $29,490 $34,590
Fixed Charges:
Interest............................ 266 4,317 9,520 14,262 20,247
Amortization of debt issue costs.... 40 288 1,029 1,063 524
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Total fixed charges................... 306 4,605 10,549 15,325 20,771
------- ------- ------- ------- -------
Earnings before Fixed Charges......... $4,730 $16,178 $28,326 $44,815 $55,361
======= ======= ======= ======= =======
Ratio................................. 15.45X 3.51X 2.69X 2.92X 2.67X
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(1) Operations Commenced on August 14th, 1992