Exhibit 12.1

AMREP Corporation
Computation of Ratio of Earnings to Fixed Charges
Dollars in thousands

											Nine Months
											Ended
	Fiscal Year Ended April 30,										January 31,
	2002		2003		2004		2005		2006		2007
Income from continuing operations before income taxes	$	6,163	$	9,857	$	17,935	$	22,914	$	32,727	$	61,580
Fixed charges less capitalized interest		2,578		2,114		5,170		3,936		3,353		2,418
Earnings available to cover fixed charges	$	8,741	$	11,971	$	23,105	$	26,850	$	36,080	$	63,998
Fixed charges, as defined:
Interest, net	$	1,265	$	582	$	944	$	660	$	344	$	326
Capitalized interest		769		287		126		65		21		150
Portion of rent representative of interest		1,313		1,532		4,226		3,276		3,009		2,092
Total fixed charges	$	3,347	$	2,401	$	5,296	$	4,001	$	3,374	$	2,568
Ratio of earnings to fixed charges		2.61		4.99		4.36		6.71		10.69		24.92

The ratio of earnings to fixed charges has been computed by dividing total earnings available to cover fixed charges by total fixed charges. Earnings available to cover fixed charges were calculated by adding income from continuing operations before income taxes and fixed charges less capitalized interest. Fixed charges consist of interest expense, net, capitalized interest and an estimate of rent expense as representative of the interest portion of rentals.