EX-12.1 2 exhibit121-maaq22017.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,
| 2017 |  | 2016 |  | 2017 |  | 2016
Earnings: |  |  |  |  |  |  |
Net Income | $ | 50,155 |  |  | $ | 47,630 |  |  | $ | 93,571 |  |  | $ | 93,438 |
Equity in loss (income) of unconsolidated entities | (329 | ) |  | 101 |  |  | (686 | ) |  | (27 | )
Income tax expense | 618 |  |  | 457 |  |  | 1,269 |  |  | 745 |
Net income before equity in loss (income) of unconsolidated entities and income tax expense | 50,444 |  |  | 48,188 |  |  | 94,154 |  |  | 94,156 |
Add: |  |  |  |  |  |  |
Distribution of income from investments in unconsolidated entities | 118 |  |  | 375 |  |  | 339 |  |  | 1,793 |
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 40,688 |  |  | 32,367 |  |  | 79,292 |  |  | 64,958 |
Deduct: |  |  |  |  |  |  |
Capitalized interest | 2,207 |  |  | 328 |  |  | 4,227 |  |  | 708 |
Total Earnings (A) | $ | 89,043 |  |  | $ | 80,602 |  |  | $ | 169,558 |  |  | $ | 160,199 |
Fixed charges and preferred dividends: |  |  |  |  |  |  |
Interest expense | $ | 38,481 |  |  | $ | 32,039 |  |  | $ | 75,065 |  |  | $ | 64,250 |
Capitalized interest | 2,207 |  |  | 328 |  |  | 4,227 |  |  | 708 |
Total Fixed Charges (B) | $ | 40,688 |  |  | $ | 32,367 |  |  | $ | 79,292 |  |  | $ | 64,958 |
Preferred dividends, including redemption costs | 922 |  |  | — |  |  | 1,844 |  |  | — |
Total Fixed Charges and Stock Dividends (C) | $ | 41,610 |  |  | $ | 32,367 |  |  | $ | 81,136 |  |  | $ | 64,958 |
Ratio of Earnings to Fixed Charges (A/B) | 2.2 x |  |  | 2.5 x |  |  | 2.1 x |  |  | 2.5 x |
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.1 x |  |  | 2.5 x |  |  | 2.1 x |  |  | 2.5 x |