Exhibit 12
UMH | ||||||||
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | ||||||||
Nine Months | ||||||||
Ended | Year Ended December 31 | |||||||
9/30/2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||
Net Income | 4,554,940 | 3,689,388 | 1,527,150 | 2,632,741 | 5,840,277 | 6,990,342 | ||
Income and Franchise Taxes | 135,000 | 63,000 | 118,000 | 489,000 | 276,000 | 388,000 | ||
Income Before Taxes | 4,689,940 | 3,752,388 | 1,645,150 | 3,121,741 | 6,116,277 | 7,378,342 | ||
Fixed Charges: | ||||||||
Interest expense | 3,809,877 | 4,455,332 | 4,957,437 | 4,179,109 | 3,273,720 | 2,200,765 | ||
Amortization - deferred debt costs | 165,858 | 253,020 | 183,464 | 177,636 | 238,211 | 262,440 | ||
Total Fixed Charges | 3,975,735 | 4,708,352 | 5,140,901 | 4,356,745 | 3,511,931 | 2,463,205 | ||
Earnings | 8,665,675 | 8,460,740 | 6,786,051 | 7,478,486 | 9,628,208 | 9,841,547 | ||
Fixed Charges | 3,975,735 | 4,708,352 | 5,140,901 | 4,356,745 | 3,511,931 | 2,463,205 | ||
Preferred Stock Dividends | ||||||||
Combined Fixed Charges & | ||||||||
Preferred Stock Dividends | 3,975,735 | 4,708,352 | 5,140,901 | 4,356,745 | 3,511,931 | 2,463,205 | ||
Ratio of Earnings to Fixed charges | 2.18 | 1.80 | 1.32 | 1.72 | 2.74 | 4.00 | ||
Ratio of Earnings to Combined Fixed | ||||||||
Charges and Preferred Stock Dividends | 2.18 | 1.80 | 1.32 | 1.72 | 2.74 | 4.00 | ||