UMH PROPERTIES, INC. - FORM 10-K - EX-12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS - March 9, 2016

Attached files

file filename
EX-23 - CONSENT OF PKF O CONNOR DAVIES, LLP - UMH PROPERTIES, INC.exhibit23.htm
EX-31.2 - CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - UMH PROPERTIES, INC.exhibit31-2.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 - UMH PROPERTIES, INC.exhibit31-1.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - UMH PROPERTIES, INC.exhibit21.htm
EX-32 - CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - UMH PROPERTIES, INC.exhibit32.htm
10-K - ANNUAL REPORT - UMH PROPERTIES, INC.umh_10k.htm

Exhibit 12


UMH PROPERTIES, INC.


Computation of Ratio of Earnings to Fixed Charges and Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends



Year Ended December 31,


2015


2014


2013


2012


2011











Earnings:










Pretax income

 $    2,459,205


 $    4,552,803


 $    6,135,823


 $    6,711,057


 $    3,821,263

Fixed charges

     14,352,390


     10,997,076


        8,559,583


        6,375,343


        6,415,635

Interest capitalized

       (277,944)


        (280,354)


        (247,386)


        (269,891)


        (294,150)











   Earnings

 $  16,533,651


 $  15,269,525


 $  14,448,020


 $  12,816,509


 $    9,942,748











Fixed Charges:










Interest expense

 $  13,245,429


 $  10,194,472


 $    7,849,835


 $    5,803,172


 $    5,744,567

Interest capitalized

           277,944


           280,354


           247,386


           269,891


           294,150

Amortization of debt costs

           829,017


           522,250


           462,362


           302,280


           376,918











   Fixed Charges

 $  14,352,390


 $  10,997,076


 $    8,559,583


 $    6,375,343


 $    6,415,635

Ratio of Earnings to Fixed Charges

                1.15x


                1.39x


                1.69x


                2.01x


                1.55x











Preferred Stock Dividends

 $    8,267,198


 $    7,556,588


 $    7,556,588


 $    4,724,718


 $    1,656,766

Combined  Fixed Charges &










   Preferred Stock Dividends

 $  22,619,588


 $  18,553,664


 $  16,116,171


 $  11,100,061


 $    8,072,401











Ratio of Earnings to Combined Fixed










   Charges and Preferred Stock   

   Dividends

                0.73x


                0.82x


                0.90x


                1.15x


                1.23x











Coverage deficiency

 $    6,085,937


 $    3,284,139


 $    1,668,151


N/A


N/A














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