Exhibit 12.1
American Land Lease, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend
(in thousands)
| Year Ended December 31, | |||||||||||||||
| 2005 |
2004 |
2003 |
2002 |
2001 | |||||||||||
| Earnings: |
|||||||||||||||
| Income from continuing operations before taxes and minority interest in Operating Partnership |
$ | 12,966 | $ | 9,788 | $ | 10,190 | $ | 6,566 | $ | 3,566 | |||||
| Interest Expense |
5,844 | 5,699 | 5,381 | 4,751 | 4,286 | ||||||||||
| Interest component of rental expense |
54 | 54 | 54 | 54 | 54 | ||||||||||
| Total earnings (A) |
$ | 18,864 | $ | 15,540 | $ | 15,625 | $ | 11,371 | $ | 7,906 | |||||
| Fixed charges: |
|||||||||||||||
| Interest Expense |
$ | 5,844 | $ | 5,698 | $ | 5,381 | $ | 4,751 | $ | 4,286 | |||||
| Capitalized interest |
5,554 | 3,768 | 3,312 | 3,426 | 2,916 | ||||||||||
| Interest component of rental expense |
54 | 54 | 54 | 54 | 54 | ||||||||||
| Preferred stock dividends |
1,647 | — | — | — | — | ||||||||||
| Total fixed charges (B) |
$ | 13,099 | $ | 9,520 | $ | 8,747 | $ | 8,231 | $ | 7,256 | |||||
| Ratio of earnings to fixed charges (A divided by B) |
1.4 | 1.6 | 1.8 | 1.4 | 1.1 | ||||||||||