Attached files
Exhibit 12
UMH PROPERTIES, INC.
Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
Year Ended December 31, | |||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||
Earnings: | |||||||||
Pretax income | $ 2,459,205 | $ 4,552,803 | $ 6,135,823 | $ 6,711,057 | $ 3,821,263 | ||||
Fixed charges | 14,352,390 | 10,997,076 | 8,559,583 | 6,375,343 | 6,415,635 | ||||
Interest capitalized | (277,944) | (280,354) | (247,386) | (269,891) | (294,150) | ||||
Earnings | $ 16,533,651 | $ 15,269,525 | $ 14,448,020 | $ 12,816,509 | $ 9,942,748 | ||||
Fixed Charges: | |||||||||
Interest expense | $ 13,245,429 | $ 10,194,472 | $ 7,849,835 | $ 5,803,172 | $ 5,744,567 | ||||
Interest capitalized | 277,944 | 280,354 | 247,386 | 269,891 | 294,150 | ||||
Amortization of debt costs | 829,017 | 522,250 | 462,362 | 302,280 | 376,918 | ||||
Fixed Charges | $ 14,352,390 | $ 10,997,076 | $ 8,559,583 | $ 6,375,343 | $ 6,415,635 | ||||
Ratio of Earnings to Fixed Charges | 1.15x | 1.39x | 1.69x | 2.01x | 1.55x | ||||
Preferred Stock Dividends | $ 8,267,198 | $ 7,556,588 | $ 7,556,588 | $ 4,724,718 | $ 1,656,766 | ||||
Combined Fixed Charges & | |||||||||
Preferred Stock Dividends | $ 22,619,588 | $ 18,553,664 | $ 16,116,171 | $ 11,100,061 | $ 8,072,401 | ||||
Ratio of Earnings to Combined Fixed | |||||||||
Charges and Preferred Stock Dividends | 0.73x | 0.82x | 0.90x | 1.15x | 1.23x | ||||
Coverage deficiency | $ 6,085,937 | $ 3,284,139 | $ 1,668,151 | N/A | N/A | ||||