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
------- ------- ------- ------- -------
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.