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 | ||||