EX-12.1 2 exhibit121-maaq12016.htm EXHIBIT 12.1
EXHIBIT 12.1
Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

| Three months ended March 31,
| 2016 |  | 2015
Earnings: |  |  |
Income from continuing operations | $ | 45,808 |  |  | $ | 64,677 |
Equity in loss (income) of unconsolidated entities | (128 | ) |  | (19 | )
Income tax expense | 288 |  |  | 510 |
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 45,968 |  |  | 65,168 |
Add: |  |  |
Distribution of income from investments in unconsolidated entities | 1,418 |  |  | 6 |
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 32,591 |  |  | 31,322 |
Deduct: |  |  |
Capitalized interest | 380 |  |  | 474 |
Total Earnings (A) | $ | 79,597 |  |  | $ | 96,022 |
Fixed charges and preferred dividends: |  |  |
Interest expense | $ | 32,211 |  |  | $ | 30,848 |
Capitalized interest | 380 |  |  | 474 |
Total Fixed Charges (B) | $ | 32,591 |  |  | $ | 31,322 |
Preferred dividends, including redemption costs | — |  |  | — |
Total Fixed Charges and Stock Dividends (C) | $ | 32,591 |  |  | $ | 31,322 |
Ratio of Earnings to Fixed Charges (A/B) | 2.4 x |  |  | 3.1 x |
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.4 x |  |  | 3.1 x |