EX-12.1 5 exhibit121-maaq42015.htm EXHIBIT 12.1
EXHIBIT 12.1
Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

| Year ended December 31,
| 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings: |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 350,745 |  |  | $ | 150,946 |  |  | $ | 37,692 |  |  | $ | 61,204 |  |  | $ | 28,702 |
Equity in loss (income) of unconsolidated entities | 2 |  |  | (6,009 | ) |  | (338 | ) |  | 223 |  |  | 593 |
Income tax expense | 1,673 |  |  | 2,050 |  |  | 893 |  |  | 803 |  |  | 727 |
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 352,420 |  |  | 146,987 |  |  | 38,247 |  |  | 62,230 |  |  | 30,022 |
Add: |  |  |  |  |  |  |  |  |
Distribution of income from investments in unconsolidated entities | 6 |  |  | 15,964 |  |  | 9,768 |  |  | 12,164 |  |  | 1,402 |
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 123,999 |  |  | 125,675 |  |  | 81,067 |  |  | 63,807 |  |  | 60,441 |
Deduct: |  |  |  |  |  |  |  |  |
Capitalized interest | 1,655 |  |  | 1,722 |  |  | 2,089 |  |  | 2,318 |  |  | 1,156 |
Total Earnings (A) | $ | 474,770 |  |  | $ | 286,904 |  |  | $ | 126,993 |  |  | $ | 135,883 |  |  | $ | 90,709 |
Fixed charges and preferred dividends: |  |  |  |  |  |  |  |  |
Interest expense | $ | 122,344 |  |  | $ | 123,953 |  |  | $ | 78,978 |  |  | $ | 61,489 |  |  | $ | 59,285 |
Capitalized interest | 1,655 |  |  | 1,722 |  |  | 2,089 |  |  | 2,318 |  |  | 1,156 |
Total Fixed Charges (B) | $ | 123,999 |  |  | $ | 125,675 |  |  | $ | 81,067 |  |  | $ | 63,807 |  |  | $ | 60,441 |
Preferred dividends, including redemption costs | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Fixed Charges and Stock Dividends (C) | $ | 123,999 |  |  | $ | 125,675 |  |  | $ | 81,067 |  |  | $ | 63,807 |  |  | $ | 60,441 |
Ratio of Earnings to Fixed Charges (A/B) | 3.8 x |  |  | 2.3 x |  |  | 1.6 x |  |  | 2.1 x |  |  | 1.5 x |
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 3.8 x |  |  | 2.3 x |  |  | 1.6 x |  |  | 2.1 x |  |  | 1.5 x |