EX-12.1 5 exhibit121-maaq42015.htm EXHIBIT 12.1

Exhibit

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