EXHIBIT 12
RATIO OF EARNINGS TO FIXED CHARGES
OMEGA HEALTHCARE INVESTORS, INC.
August 14, 1992
(Inception) to Six months ended
December 31, 1992(1) Year ended December 31 June 30
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1993 1994 1995 1996 1996 1997
---- ---- ---- ---- ---- ----
Earnings before extraordinary item $4,424 $11,573 $17,777 $29,490 $34,590 $16,669 $20,906
Fixed Charges:
Interest 266 4,317 9,520 14,262 20,247 9,275 10,978
Amortization of debt issue costs 40 288 1,029 1,063 524 245 405
Preferred dividends 0 0 0 0 0 0 886
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Total fixed charges 306 4,605 10,549 15,325 20,771 9,520 12,269
------ ------- ------- ------- ------- ------- -------
Earnings before Fixed Charges $4,730 $16,178 $28,326 $44,815 $55,361 $26,189 $32,289
Ratio 15.45x 3.51x 2.69x 2.92x 2.67x 2.75x 2.63x
(1) Operations commenced on August 14, 1992.