. . . EXHIBIT 12 MANUFACTURED HOME COMMUNITIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollar amounts in thousands) For the Years Ended December 31, 2003 2002 2001 2000 1999 ---------------------------------------------------------- Income from continuing operations before allocation to minority interests 33,006 $ 40,806 $ 49,006 $ 49,268 $34,517 Fixed Charges 69,654 61,981 62,557 64,532 56,619 ---------------------------------------------------------- Earnings 102,660 $102,787 $111,563 $113,800 $91,136 ========================================================== Interest incurred 53,371 $ 49,718 $ 50,197 $ 52,317 $53,134 Amortization of deferred financing costs 5,031 1,011 1,108 963 641 Perpetual Preferred OP Unit Distributions 11,252 11,252 11,252 11,252 2,844 ---------------------------------------------------------- Fixed Charges 69,654 $ 61,981 $ 62,557 $ 64,532 $56,619 ========================================================== Earnings/Fixed Charges 1.47 1.66 1.78 1.76 1.61 ==========================================================