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Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges
The following table sets forth MPT Operating Partnership, L.P.’s ratio of earnings to fixed charges and ratio of earnings to combined fixed charges and preferred dividends for the periods indicated below.
Three Months Ended March 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | Year Ended December 31, 2008 | |||||||||||||||||||
Income (Loss) From Continuing Operations Before Income Taxes | $ | 26,210 | $ | 75,235 | $ | 14,486 | $ | 3,391 | $ | 23,293 | $ | 8,774 | ||||||||||||
Fixed Charges | 15,780 | 60,011 | 58,964 | 40,814 | 37,685 | 42,447 | ||||||||||||||||||
Amortization of Capitalized Interest | 67 | 227 | 204 | 204 | 204 | 204 | ||||||||||||||||||
Capitalized Interest | (311 | ) | (1,596 | ) | (896 | ) | (63 | ) | — | — | ||||||||||||||
Earnings | $ | 41,746 | $ | 133,877 | $ | 72,758 | $ | 44,346 | $ | 61,182 | $ | 51,425 | ||||||||||||
Interest Expense/Debt Refinancing Costs | $ | 15,424 | $ | 58,243 | $ | 58,026 | $ | 40,704 | $ | 37,651 | $ | 42,405 | ||||||||||||
Portion of Rent Related to Interest | 45 | 172 | 42 | 47 | 34 | 42 | ||||||||||||||||||
Capitalized Interest | 311 | 1,596 | 896 | 63 | — | — | ||||||||||||||||||
Fixed Charges | $ | 15,780 | $ | 60,011 | $ | 58,964 | $ | 40,814 | $ | 37,685 | $ | 42,447 | ||||||||||||
Preferred Stock Dividends | — | — | — | — | — | — | ||||||||||||||||||
Combined Fixed Charges and Preferred Stock Dividends | $ | 15,780 | $ | 60,011 | $ | 58,964 | $ | 40,814 | $ | 37,685 | $ | 42,447 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.65x | 2.23x | 1.23x | 1.09x | 1.62x | 1.21x | ||||||||||||||||||
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | 2.65x | 2.23x | 1.23x | 1.09x | 1.62x | 1.21x |
Deficiency
Our ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Our ratio of earnings to combined fixed charges and preferred dividends is computed by dividing earnings by combined fixed charges and preferred dividends. For these purposes, “earnings” is the amount resulting from adding together income (loss) from continuing operations, fixed charges, and amortization of capitalized interest and subtracting interest capitalized. “Fixed charges” is the amount resulting from adding together interest expensed and capitalized; amortized premiums, discounts and capitalized expenses related to indebtedness; and the interest portion of rent. “Combined fixed charges and preferred dividends” is the amount resulting from adding together fixed changes and preferred dividends paid and accrued for each respective period.