EX-12.1 2 exhibit121-maaq32016.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,
 
2016
 
2015
 
2016
 
2015
Earnings:
 
 
 
 
 
 
 
Income from continuing operations
$
88,906

 
$
96,828

 
$
182,344

 
$
305,378

Equity in loss (income) of unconsolidated entities
—

 
1

 
(27
)
 
5

Income tax expense
454

 
512

 
1,200

 
1,419

Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense
89,360

 
97,341

 
183,517

 
306,802

Add:
 
 
 
 
 
 
 
Distribution of income from investments in unconsolidated entities
30

 
—

 
1,823

 
6

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
32,555

 
30,578

 
97,513

 
92,824

Deduct:
 
 
 
 
 
 
 
Capitalized interest
387

 
349

 
1,095

 
1,313

Total Earnings (A)
$
121,558

 
$
127,570

 
$
281,758

 
$
398,319

Fixed charges and preferred dividends:
 
 
 
 
 
 
 
Interest expense
$
32,168

 
$
30,229

 
$
96,418

 
$
91,511

Capitalized interest
387

 
349

 
1,095

 
1,313

Total Fixed Charges (B)
$
32,555

 
$
30,578

 
$
97,513

 
$
92,824

Preferred dividends, including redemption costs
—

 
—

 
—

 
—

Total Fixed Charges and Stock Dividends (C)
$
32,555

 
$
30,578

 
$
97,513

 
$
92,824

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

 
4.2 x

 
2.9 x

 
4.3 x

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

 
4.2 x

 
2.9 x

 
4.3 x