EX-12.1 2 exhibit121-maaq32016.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 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 |