UMH Properties (UMH) 10-K 2016 FY Annual report

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,
	2016			2015			2014			2013			2012
Earnings:
Pretax income	$	11,839,559		$	2,459,205		$	4,552,803		$	6,135,823		$	6,711,057
Fixed charges		15,792,270			14,352,390			10,997,076			8,559,583			6,375,343
Interest capitalized		(359,906	)		(277,944	)		(280,354	)		(247,386	)		(269,891	)
Earnings	$	27,271,923		$	16,533,651		$	15,269,525		$	14,448,020		$	12,816,509
Fixed Charges:
Interest expense	$	14,698,878		$	13,245,429		$	10,194,472		$	7,849,835		$	5,803,172
Interest capitalized		359,906			277,944			280,354			247,386			269,891
Amortization of debt costs		733,486			829,017			522,250			462,362			302,280
Fixed Charges	$	15,792,270		$	14,352,390		$	10,997,076		$	8,559,583		$	6,375,343
Ratio of Earnings to Fixed Charges		1.73 x			1.15 x			1.39 x			1.69 x			2.01 x
Preferred Stock Dividends	$	14,103,432		$	8,267,198		$	7,556,588		$	7,556,588		$	4,724,718
Combined Fixed Charges and Preferred Stock Dividends	$	29,895,702		$	22,619,588		$	18,553,664		$	16,116,171		$	11,100,061
Ratio of Earnings to Combined
Fixed Charges and Preferred
Stock Dividends		0.91 x			0.73 x			0.82 x			0.90 x			1.15 x
Coverage deficiency	$	2,623,779		$	6,085,937		$	3,284,139		$	1,668,151			$ N/A