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EXHIBIT 12
POST APARTMENT HOMES, L.P
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
SIX MONTHS
ENDS
JUNE 30,
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1996 1995
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Pre-tax income continuing operations $ 24,875 $ 16,491
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Fixed charges
Interest incurred and amortization of debt
discount and premium on all indebtedness 13,124 14,473
Rentals - 33.34% (1) 243 339
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Total fixed charges 13,367 14,812
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Earnings before income taxes, minority interest
and fixed charges 38,242 31,303
Adjustment for capitalized interest (1,909) (2,926)
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Total earnings $ 36,333 $ 28,377
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Ratio of Earnings to Fixed Charges 2.7 1.9
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(1) The interest factor of rental expense is calculated as one-third of rental
expense which represents an appropriate interest factor.