UMH PROPERTIES, INC. - FORM 10-K - EX-12 - March 11, 2015

Attached files

file filename
EX-32 - EX-32 - UMH PROPERTIES, INC.d32199_ex32.htm
EX-21 - EX-21 - UMH PROPERTIES, INC.d32199_ex21.htm
EX-31.1 - EX-31.1 - UMH PROPERTIES, INC.d32199_ex31-1sal.htm
EX-31.2 - EX-31.2 - UMH PROPERTIES, INC.d32199_ex31-2atc.htm
EX-23 - EX-23 - UMH PROPERTIES, INC.d32199_ex23-consent.htm
EXCEL - IDEA: XBRL DOCUMENT - UMH PROPERTIES, INC.Financial_Report.xls
10-K - 10-K - UMH PROPERTIES, INC.d32199_10k.htm

UMH PROPERTIES, INC. AND SUBSIDIARIES
COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
                   
  Fiscal Years Ended December 31, 
  2014   2013   2012   2011   2010
Earnings before Fixed Charges:                  
Net Income  $4,237,803   $5,836,823   $6,474,057   $3,696,263   $6,668,915
Interest Expense 10,194,472   7,849,835   5,803,172              5,744,567   5,183,296
Taxes 315,000   299,000   237,000                 125,000   150,000
Depreciation Expense 15,163,420   11,681,724   7,357,158              6,339,256   4,516,026
Amortization of Financing Costs 522,250   462,362   302,280                           -      210,054
Total Earnings before Fixed Charges $30,432,945   $26,129,744   $20,173,667   $15,905,086   $16,728,291
                   
Fixed Charges & Preferred Stock Dividends:                  
Interest Expense $10,194,472   $7,849,835   $5,803,172   $5,744,567   $5,183,296
Capitalized Interest               280,354                 247,186                 269,891                 294,150               309,111
Preferred Dividend            7,556,588              7,556,588              4,724,718              1,656,766                        -   
Total Fixed Charges & Preferred Share Dividends $18,031,414   $15,653,609   $10,797,781   $7,695,483   $5,492,407
                   
Fixed Charge Coverage Ratio 1.7x   1.7x   1.9x   2.1x   3.0x

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