EX-12.1 2 exhibit121-maaq32015.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1


Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
Three months ended September 30,
 
Nine months ended September 30,
 
2015
 
2014
 
2015
 
2014
Earnings:
 
 
 
 
 
 
 
Income from continuing operations
$
96,828

 
$
70,827

 
$
305,378

 
$
114,500

Equity in loss (income) of unconsolidated entities
1

 
(3,124
)
 
5

 
(6,019
)
Income tax expense
512

 
442

 
1,419

 
1,235

Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense
97,341

 
68,145

 
306,802

 
109,716

Add:
 
 
 
 
 
 
 
Distribution of income from investments in unconsolidated entities
—

 
4,423

 
6

 
15,964

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
30,578

 
29,654

 
92,824

 
93,828

Deduct:
 
 
 
 
 
 
 
Capitalized interest
349

 
403

 
1,313

 
1,253

Total Earnings (A)
$
127,570

 
$
101,819

 
$
398,319

 
$
218,255

Fixed charges and preferred dividends:
 
 
 
 
 
 
 
Interest expense
$
29,342

 
$
28,251

 
$
88,801

 
$
89,090

Amortization of deferred financing costs
887

 
1,000

 
2,710

 
3,485

Capitalized interest
349

 
403

 
1,313

 
1,253

Total Fixed Charges (B)
$
30,578

 
$
29,654

 
$
92,824

 
$
93,828

Preferred dividends, including redemption costs
—

 
—

 
—

 
—

Total Fixed Charges and Stock Dividends (C)
$
30,578

 
$
29,654

 
$
92,824

 
$
93,828

 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (A/B)
4.2 x

 
3.4 x

 
4.3 x

 
2.3 x

Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
4.2 x

 
3.4 x

 
4.3 x

 
2.3 x