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EXHIBIT 12
MANUFACTURED HOME COMMUNITIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
For the Years Ended December 31,
1998 1997 1996 1995 1994
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Income before allocation to minority
interests and extraordinary loss on early
extinguishment of debt $35,663 $33,469 $26,943 $20,023 $16,616
Fixed Charges 49,693 21,753 18,264 19,562 11,146
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Earnings $85,356 $55,222 $45,207 $39,585 $27,762
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Interest incurred $49,160 $20,708 $16,794 $16,807 $ 9,699
Amortization of deferred financing costs 533 1,045 1,470 2,755 1,447
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Fixed Charges $49,693 $21,753 $18,264 $19,562 $11,146
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Earnings/Fixed Charges 1.72 2.54 2.48 2.02 2.49
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