OMEGA HEALTHCARE INVESTORS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
Nine months ended
Year ended December 31 September 30
1993 1994 1995 1996 1997 1997 1998 (1)
---- ---- ---- ---- ---- ---- --------
Earnings before extraordinary item and
preferred stock dividends $ 11,573 $ 17,777 $ 29,490 $ 34,590 $ 44,851 $ 32,710 $ 38,029
Fixed Charges
Interest 4,317 9,520 14,262 20,247 23,552 16,999 23,028
Amortization of debt issue costs 288 1,029 1,063 524 829 679 759
--------------------------------------------------------------------------------
Total fixed charges 4,605 10,549 15,325 20,771 24,381 17,678 23,787
Earnings before fixed charges $ 16,178 $ 28,326 $ 44,815 $ 55,361 $ 69,232 $ 50,388 $ 61,816
Ratio of earnings to fixed charges 3.51x 2.69x 2.92x 2.66x 2.84x 2.85x 2.60x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Nine months ended
Year ended December 31 September 30
1993 1994 1995 1996 1997 1997 1998 (1)
---- ---- ---- ---- ---- ---- --------
Earnings before extraordinary item $ 11,573 $ 17,777 $ 29,490 $ 34,590 $ 41,305 $ 30,494 $ 32,243
Fixed Charges and Preferred Stock Dividends
Interest 4,317 9,520 14,262 20,247 23,552 16,999 23,028
Amortization of debt issue costs 288 1,029 1,063 524 829 679 759
Preferred stock dividends 0 0 0 0 3,546 2,216 5,786
-------------------------------------------------------------------------------
Total fixed charges and preferred stock dividends 4,605 10,549 15,325 20,771 27,927 19,894 29,573
Earnings before fixed charges and preferred stock
dividends $ 16,178 $ 28,326 $ 44,815 $ 55,361 $ 69,232 $ 50,388 $ 61,816
Ratio of earnings to fixed charges and preferred
stock dividends 3.51x 2.69x 2.92x 2.66x 2.48x 2.53x 2.09x
(1) Excludes gain on the distribution of Omega Worldwide, Inc. of $30,240.