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Earnings Per Common Share of MAA | 12 Months Ended
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Dec. 31, 2016
Earnings per share of the trust [Abstract] |
Earnings per share | EARNINGS PER COMMON SHARE OF MAA Basic earnings per share is computed by dividing net income available to MAA common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Operating partnership units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the years ended December 31, 2016, 2015, and 2014, MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method:
(dollars and shares in thousands, except per share amounts) | Years ended December 31, |
| 2016 |  | 2015 |  | 2014 |
Shares Outstanding |  |  |  |  |  |
Weighted average common shares - basic | 78,502 |  |  | 75,176 |  |  | 74,982 |  |
Weighted average partnership units outstanding | — |  | (1) | — |  | (1) | — |  | (1)
Effect of dilutive securities | 298 |  |  | — |  | (2) | — |  | (2)
Weighted average common shares - diluted | 78,800 |  |  | 75,176 |  |  | 74,982 |  |
Calculation of Earnings per Share - basic |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 224,402 |  |  | $ | 350,745 |  |  | $ | 150,946 |  |
Income from continuing operations attributable to noncontrolling interests | (12,180 | ) |  | (18,458 | ) |  | (8,013 | ) |
Income from continuing operations allocated to unvested restricted shares | (572 | ) |  | (772 | ) |  | (278 | ) |
Preferred dividends | (307 | ) |  | — |  |  | — |  |
Income from continuing operations available for common shareholders, adjusted | $ | 211,343 |  |  | $ | 331,515 |  |  | $ | 142,655 |  |
Income from discontinued operations | $ | — |  |  | $ | — |  |  | $ | 5,331 |  |
Income from discontinued operations attributable to noncontrolling interest | — |  |  | — |  |  | (284 | ) |
Income from discontinued operations allocated to unvested restricted shares | — |  |  | — |  |  | (10 | ) |
Income from discontinued operations available for common shareholders, adjusted | $ | — |  |  | $ | — |  |  | $ | 5,037 |  |
Weighted average common shares - basic | 78,502 |  |  | 75,176 |  |  | 74,982 |  |
Earnings per share - basic | $ | 2.69 |  |  | $ | 4.41 |  |  | $ | 1.97 |  |
Calculation of Earnings per Share - diluted |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 224,402 |  |  | $ | 350,745 |  |  | $ | 150,946 |  |
Income from continuing operations attributable to noncontrolling interests | (12,180 | ) | (1) | (18,458 | ) | (1) | (8,013 | ) | (1)
Income from continuing operations allocated to unvested restricted shares | — |  |  | (772 | ) | (2) | (278 | ) | (2)
Preferred dividends | (307 | ) |  | — |  |  | — |  |
Income from continuing operations available for common shareholders, adjusted | $ | 211,915 |  |  | $ | 331,515 |  |  | $ | 142,655 |  |
Income from discontinued operations | $ | — |  |  | $ | — |  |  | $ | 5,331 |  |
Income from discontinued operations attributable to noncontrolling interest | — |  |  | — |  |  | (284 | ) | (1)
Income from discontinued operations allocated to unvested restricted shares | — |  |  | — |  |  | (10 | ) | (2)
Income from discontinued operations available for common shareholders, adjusted | $ | — |  |  | $ | — |  |  | $ | 5,037 |  |
Weighted average common shares - diluted | 78,800 |  |  | 75,176 |  |  | 74,982 |  |
Earnings per share - diluted | $ | 2.69 |  |  | $ | 4.41 |  |  | $ | 1.97 |  |
(1) For the years ended December 31, 2016, 2015, and 2014, 4.2 million OP units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. (2) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculation as they are not dilutive.

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