Exhibit 12

Parkway Properties, Inc.

Ratio of Earnings to Combined Fixed Charges & Preferred Dividends

2011 Common Stock Shelf Registration

(in 000s)

	Year Ended December 31, 2006			Year Ended December 31, 2007			Year Ended December 31, 2008			Year Ended December 31, 2009			Year Ended December 31, 2010			Nine Months Ended Sept 30, 2011
Earnings:
Income (loss) from continuing operations, pretax	$	19,679		$	16,885		$	(24,526	)	$	(19,861	)	$	(21,936	)	$	(134,071	)
Add: income taxes		30			(27	)		2			2			2			50
Less: equity in earnings		(751	)		(1,008	)		(894	)		(445	)		(326	)		(65	)
Interest expense		31,923			37,106			44,315			40,846			40,677			37,280
Income distributions from unconsolidated joint ventures		1,334			1,036			1,042			392			—			507
Earnings	$	52,215		$	53,992		$	19,939		$	20,934		$	18,417		$	(96,299	)
Fixed charges and preferred dividends:
Interest expense	$	31,923		$	37,106		$	44,315		$	40,846		$	40,677		$	37,280
Capitalized interest		—			242			836			—			—			—
Preferred stock dividends		6,573			4,800			4,800			4,800			6,325			7,341
Total fixed charges and preferred dividends	$	38,496		$	42,148		$	49,951		$	45,646		$	47,002		$	44,621
Ratio of earnings to combined fixed charges and preferred stock dividends		1.36			1.28			0.40			0.46			0.39			(2.16	)
Deficiency (if ratio less than 1.00)		—			—			(30,012	)		(24,712	)		(28,585	)		(140,920	)