Life Storage Inc - Registered Shares (LSI) 10-K 2011 FY Annual report

Exhibit 12.1

Statement Re: Computation of Earnings to

Combined Fixed Charges and Preferred Stock Dividends

Amounts in thousands

	Year ended December 31,
	2011			2010			2009			2008			2007
Earnings:
Income from continuing operations before noncontrolling interest in consolidated subsidiaries and income from equity investees	$	31,869		$	34,739		$	20,346		$	35,890		$	38,297
Add: Income tax expense		1,524			1,131			937			689			675
Add: Fixed charges		38,848			32,007			50,410			38,676			35,679
Add: Distributed income of equity investees		944			494			686			345			98
Less: Capitalized interest		(72	)		(83	)		(159	)		(381	)		(377	)
Preferred dividend requirements of consolidated subsidiaries		—			—			—			—			(1,256	)
Earnings (1)		73,113			68,288			72,220			75,219			73,116
Fixed charges:
Interest expense		37,365			30,681			48,847			36,905			32,898
Amortization of financing fees		1,184			1,030			1,203			1,192			963
Capitalized interest		72			83			159			381			377
Estimate of interest included in rent expense		227			213			201			198			185
Preferred stock dividends		—			—			—			—			1,256
Fixed charges (2)	$	38,848		$	32,007		$	50,410		$	38,676		$	35,679
Ratio of earnings to combined fixed charges and preferred stock dividends (1)/(2)		1.88			2.13			1.43			1.94			2.05