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Earnings Per Common Share of MAA | 9 Months Ended
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Sep. 30, 2021
Earnings Per Common Share Of M A A [Abstract] |
Earnings per Common Share of MAA | 2. 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 common shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with 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 diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share. For the three and nine months ended September 30, 2021 and 2020, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Calculation of Earnings per common share - basic |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 87,047 |  |  | $ | 62,036 |  |  | $ | 359,786 |  |  | $ | 177,716 |
Net income attributable to noncontrolling interests |  |  | (2,568 | ) |  |  | (2,126 | ) |  |  | (11,636 | ) |  |  | (6,096 | )
Unvested restricted stock (allocation of earnings) |  |  | (80 | ) |  |  | (78 | ) |  |  | (359 | ) |  |  | (229 | )
Preferred dividends |  |  | (922 | ) |  |  | (922 | ) |  |  | (2,766 | ) |  |  | (2,766 | )
Net income available for MAA common shareholders, adjusted |  | $ | 83,477 |  |  | $ | 58,910 |  |  | $ | 345,025 |  |  | $ | 168,625 |
Weighted average common shares - basic |  |  | 114,933 |  |  |  | 114,216 |  |  |  | 114,568 |  |  |  | 114,177 |
Earnings per common share - basic |  | $ | 0.73 |  |  | $ | 0.52 |  |  | $ | 3.01 |  |  | $ | 1.48 |
Calculation of Earnings per common share - diluted |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 87,047 |  |  | $ | 62,036 |  |  | $ | 359,786 |  |  | $ | 177,716 |
Net income attributable to noncontrolling interests (1) |  |  | (2,568 | ) |  |  | (2,126 | ) |  |  | (11,636 | ) |  |  | (6,096 | )
Preferred dividends |  |  | (922 | ) |  |  | (922 | ) |  |  | (2,766 | ) |  |  | (2,766 | )
Net income available for MAA common shareholders, adjusted |  | $ | 83,557 |  |  | $ | 58,988 |  |  | $ | 345,384 |  |  | $ | 168,854 |
Weighted average common shares - basic |  |  | 114,933 |  |  |  | 114,216 |  |  |  | 114,568 |  |  |  | 114,177 |
Effect of dilutive securities |  |  | 296 |  |  |  | 252 |  |  |  | 305 |  |  |  | 310 |
Weighted average common shares - diluted |  |  | 115,229 |  |  |  | 114,468 |  |  |  | 114,873 |  |  |  | 114,487 |
Earnings per common share - diluted |  | $ | 0.73 |  |  | $ | 0.52 |  |  | $ | 3.01 |  |  | $ | 1.47 |
(1) For the three and nine months ended September 30, 2021 3.5 million OP Units and 3.8 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the three and nine months ended September 30, 2020, 4.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

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