Elme Communities (ELME) 10-Q 2003 Q2 Quarterly report

Exhibit 12

COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES

AND PREFERRED DIVIDENDS

	Three Months Ended June 30, 2003		Year Ended December 31, 2002
Income from continuing operations	$	11,288	$	48,080
Add back:
Fixed charges		7,581		27,849
Earnings available for fixed charges and preferred dividends	$	18,869	$	75,929
Fixed charges
Interest expense	$	7,581	$	27,849
Capitalized interest		50		120
Interest portion of rent expense		—		—
Total fixed charges		7,631		27,969
Preferred dividends		—		—
Total fixed charges and preferred dividends	$	7,581	$	27,969
Ratio of earnings to fixed charges and preferred dividends		2.47		2.71