American Campus Communities (ACC) S-3ASR Automatic shelf registration

Exhibit 12.1

AMERICAN CAMPUS COMMUNITIES, INC. AND SUBSIDIARIES

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP AND SUBSIDIARIES

STATEMENT REGARDING COMPUTATION OF RATIOS

(In thousands, except for ratio amounts)

	For the years ended December 31,
	2011			2010			2009			2008			2007
EARNINGS BEFORE FIXED CHARGES:
Pre-tax income (loss) from continuing operations before noncontrolling interests and loss from equity investees	$	43,143		$	24,825		$	2,803		$	(7,297	)	$	(439	)
Distributed income of joint ventures		—			200			250			120			—
Less: Capitalized interest		(6,598	)		(1,146	)		(2,862	)		(5,483	)		(5,399	)
Less: Preferred distributions of subsidiaries		(183	)		(184	)		(184	)		(184	)		(184	)
Total earnings before fixed charges		36,362			23,695			7			(12,844	)		(6,022	)
FIXED CHARGES:
Interest expense		52,214			60,654			61,192			48,626			27,871
Capitalized interest		6,598			1,146			2,862			5,483			5,399
Amortization of deferred finance costs		5,385			4,449			3,232			2,466			1,659
Interest portion of rental expense		655			604			546			371			208
Preferred distribution of subsidiaries		183			184			184			184			184
Total fixed charges		65,035			67,037			68,016			57,130			35,321
Total earnings and fixed charges	$	101,397		$	90,732		$	68,023		$	44,286		$	29,299
RATIO OF EARNINGS TO FIXED CHARGES		1.56			1.35			1.00			—	(a)		—	(a)

(a) The earnings were inadequate to cover fixed charges by approximately $12.8 million and $6.0 million for the years ended December 31, 2008 and 2007, respectively.