EX-12.1 5 p16-0058_ex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Exhibit 12.1


UMH PROPERTIES, INC.

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

 
 
 
Nine Months
  
 
Ended
Year Ended December 31,
 
September 30, 2015
2014
2013
2012
2011
2010
             
Earnings:
            
Pretax income
$2,235,244
$4,552,803
$6,135,823
$6,711,057
$3,821,263
$6,818,915
Fixed charges
9,986,723
10,997,076
8,559,583
6,375,343
6,415,635
5,702,461
Interest capitalized
(220,200)
(280,354)
(247,386)
(269,891)
(294,150)
(309,111)
             
Earnings
$12,001,767
$15,269,525
$14,448,020
$12,816,509
$9,942,748
$12,212,265
             
Fixed Charges:
            
Interest expense
$9,359,042
$10,194,472
$7,849,835
$5,803,172
$5,744,567
$5,183,296
Interest capitalized
220,200
280,354
247,386
269,891
294,150
309,111
Amortization of debt costs
407,481
522,250
462,362
302,280
376,918
210,054
             
Fixed Charges
$9,986,723
$10,997,076
$8,559,583
$6,375,343
$6,415,635
$5,702,461
             
Ratio of Earnings to Fixed Charges
1.20 x
1.39 x
1.69 x
2.01 x
1.55 x
2.14 x
             
Preferred Stock Dividends
$5,667,441
$7,556,588
$7,556,58
$4,724,718
$1,656,766
$0
Combined Fixed Charges & Preferred Stock Dividends
$15,654,164
$18,553,664
$16,116,171
$11,100,061
$8,072,401
$5,702,461
             
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
0.77 x
0.82 x
0.90 x
1.15 x
1.23 x
2.14 x
             
Coverage deficiency
$3,652,397
$3,284,139
$1,668,151
N/A
N/A
N/A