Life Storage Inc - Registered Shares (LSI) S-3ASR Automatic shelf registration

Exhibit 12.2

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

Amounts in thousands

	Three Months ended
	March 31,						Year ended December 31,
	2011			2010			2010			2009			2008			2007			2006
Earnings:
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees	$	8,700		$	7,888		$	34,739		$	20,346		$	35,890		$	38,297		$	35,560
Add: Income tax expense		411			399			1,131			937			689			675			396
Add: Fixed charges		7,965			7,944			32,007			50,410			38,676			35,679			32,198
Add: Distributed income of equity investees		188			150			494			686			345			98			124
Less: Capitalized interest		(12	)		(18	)		(83	)		(159	)		(381	)		(377	)		—
Preferred dividend requirements of consolidated subsidiaries		—			—			—			—			—			(1,256	)		(2,512	)
Earnings (1)		17,252			16,363			68,288			72,220			75,219			73,116			65,766
Fixed charges:
Interest expense		7,639			7,620			30,681			48,847			36,905			32,898			28,501
Amortization of financing fees		258			258			1,030			1,203			1,192			963			993
Capitalized interest		12			18			83			159			381			377			—
Estimate of interest included in rent expense		56			48			213			201			198			185			192
Preferred stock dividends		—			—			—			—			—			1,256			2,512
Fixed charges (2)	$	7,965		$	7,944		$	32,007		$	50,410		$	38,676		$	35,679		$	32,198
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2)		2.17			2.06			2.13			1.43			1.94			2.05			2.04