EX-12 6 umh-ex12_011613.htm COMPUTATION OF RATIO OF EARNINGS umh-ex12_011613.htm
Exhibit 12
UMH
Consolidated Ratio of Earnings to Fixed Charges and to Preferred Stock Dividends
 
                                       
                                       
   
Nine Months
                                  
   
Ended
    
Year Ended December 31,
   
9/30/2012
    
2011
    
2010
    
2009
    
2008
    
2007
    
                                       
Net Income
     5,174,487       3,696,263       6,668,915       3,689,388       1,527,150       2,632,741    
Income and Franchise Taxes
     99,000       125,000       150,000       63,000       118,000       489,000    
Income Before Taxes
     5,273,487       3,821,263       6,818,915       3,752,388       1,645,150       3,121,741    
                                                   
Fixed Charges:
                                                  
    Interest expense
     4,355,279       5,744,567       5,183,296       4,455,332       4,957,437       4,171,109    
    Capitalized interest
     213,470       294,150       309,111       273,231       315,985       378,030    
    Amortization - deferred debt costs
     212,739       376,918       210,054       253,020       183,464       177,636    
Total Fixed Charges
     4,781,488       6,415,635       5,702,461       4,981,583       5,456,886       4,726,775    
                                                   
Capitalized interest
     213,470       294,150       309,111       273,231       315,985       378,030    
                                                   
Earnings
     9,841,505       9,942,748       12,212,265       8,460,740       6,786,051       7,470,486    
                                                   
Fixed Charges as above
     4,781,488       6,415,635       5,702,461       4,981,583       5,456,886       4,726,775    
Preferred Stock Dividends
     2,865,650       1,656,766       -       -       -       -    
Combined  Fixed Charges &
                                                  
   Preferred Stock Dividends
     7,647,138       8,072,401       5,702,461       4,981,583       5,456,886       4,726,775    
                                                   
Ratio of Earnings to Fixed charges
     2.06       1.55       2.14       1.70       1.24       1.58    
Ratio of Earnings to Combined Fixed
                                                  
   Charges and Preferred Stock Dividends
     1.29       1.23       2.14       1.70       1.24       1.58    
 
For the purpose of computing these ratios, earnings have been calculated by adding pre-tax income from continuing operations, fixed charges and amortization of capitalized interest; and subtracting from the total of those items capitalized interest; preference security dividend requirements of consolidated subsidiaries; and the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. Fixed charges consist of the sum of interest costs, whether expensed or capitalized, the estimated interest component of rental expenses, amortized premiums, discounts and capitalized expenses related to indebtedness, and preference security dividend requirements of consolidated subsidiaries. Preferred stock dividends are the amount of pre-tax earnings that are required to pay the dividends on outstanding preferred securities.  We do not have, nor have we had in the past, any preferred securities outstanding and, therefore, we have not paid any dividends on preferred securities.