Independence Realty Trust (IRT) 10-Q 2018 Q3 Quarterly report

Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES

Our ratio of earnings to fixed charges for the periods indicated are set forth below. For purposes of calculating the ratios set forth below, earnings represent net income from our consolidated statements of operations, as adjusted for fixed charges; fixed charges represent interest expense.

The following table presents our ratio of earnings to fixed charges for the nine-month period ended September 30, 2018 and for the five years ended December 31, 2017, 2016, 2015, 2014 and 2013 (dollars in thousands):

	For the Nine
	Months Ended			For the Years Ended December 31,
	September 30, 2018			2017			2016					2015			2014			2013
Net income (loss)	$	11,881		$	31,441		$	(9,555	)			$	30,156		$	2,944		$	1,274
Add back fixed charges:
Interest expense		26,063			28,702			35,535					23,553			8,469			3,659
Earnings before fixed charges and preferred share dividends	$	37,944		$	60,143		$	25,980				$	53,709			11,413			4,933
Fixed charges and preferred share dividends:
Interest expense		26,063			28,702			35,535					23,553			8,469			3,659
Preferred share dividends		-			-			-					-			-			10
Total fixed charges and preferred share dividends	$	26,063		$	28,702		$	35,535				$	23,553		$	8,469		$	3,669
Ratio of earnings to fixed charges		1.5	x		2.1	x		0.0	x	(1	)		2.3	x		1.3	x		1.3	x
Ratio of earnings to fixed charges and preferred share dividends		1.5	x		2.1	x		0.0	x	(1	)		2.3	x		1.3	x		1.3	x

(1) The dollar amount of the deficiency for the year ended December 31, 2016 was $9.6 million.