EX-12.1 2 exhibit121-maaq22016.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 June 30, |  | Six months ended June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Earnings: |  |  |  |  |  |  |
Income from continuing operations | $ | 47,630 |  |  | $ | 143,873 |  |  | $ | 93,438 |  |  | $ | 208,550 |
Equity in loss (income) of unconsolidated entities | 101 |  |  | 23 |  |  | (27 | ) |  | 4 |
Income tax expense | 457 |  |  | 398 |  |  | 745 |  |  | 907 |
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 48,188 |  |  | 144,294 |  |  | 94,156 |  |  | 209,461 |
Add: |  |  |  |  |  |  |
Distribution of income from investments in unconsolidated entities | 375 |  |  | — |  |  | 1,793 |  |  | 6 |
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 32,367 |  |  | 30,923 |  |  | 64,958 |  |  | 62,245 |
Deduct: |  |  |  |  |  |  |
Capitalized interest | 328 |  |  | 490 |  |  | 708 |  |  | 964 |
Total Earnings (A) | $ | 80,602 |  |  | $ | 174,727 |  |  | $ | 160,199 |  |  | $ | 270,748 |
Fixed charges and preferred dividends: |  |  |  |  |  |  |
Interest expense | $ | 32,039 |  |  | $ | 30,433 |  |  | $ | 64,250 |  |  | $ | 61,281 |
Capitalized interest | 328 |  |  | 490 |  |  | 708 |  |  | 964 |
Total Fixed Charges (B) | $ | 32,367 |  |  | $ | 30,923 |  |  | $ | 64,958 |  |  | $ | 62,245 |
Preferred dividends, including redemption costs | — |  |  | — |  |  | — |  |  | — |
Total Fixed Charges and Stock Dividends (C) | $ | 32,367 |  |  | $ | 30,923 |  |  | $ | 64,958 |  |  | $ | 62,245 |
Ratio of Earnings to Fixed Charges (A/B) | 2.5 x |  |  | 5.7 x |  |  | 2.5 x |  |  | 4.3 x |
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.5 x |  |  | 5.7 x |  |  | 2.5 x |  |  | 4.3 x |