EX-12.1 2 exhibit121-maaq12018.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,
| 2018 |  | 2017
Earnings: |  |  |
Net income | $ | 50,820 |  |  | $ | 43,416 |
Equity in income of unconsolidated entities | (498 | ) |  | (357 | )
Income tax expense | 640 |  |  | 651 |
Net income before equity in income of unconsolidated entities and income tax expense | 50,962 |  |  | 43,710 |
Add: |  |  |
Distribution of income from investments in unconsolidated entities | 453 |  |  | 221 |
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 41,700 |  |  | 38,604 |
Deduct: |  |  |
Capitalized interest | 795 |  |  | 2,020 |
Total earnings (A) | $ | 92,320 |  |  | $ | 80,515 |
Fixed charges and preferred dividends: |  |  |
Interest expense | $ | 40,905 |  |  | $ | 36,584 |
Capitalized interest | 795 |  |  | 2,020 |
Total fixed charges (B) | $ | 41,700 |  |  | $ | 38,604 |
Preferred dividends, including redemption costs | 922 |  |  | 922 |
Total fixed charges and preferred dividends (C) | $ | 42,622 |  |  | $ | 39,526 |
Ratio of Earnings to Fixed Charges (A/B) | 2.2 x |  |  | 2.1 x |
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.2 x |  |  | 2.0 x |