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, |
| | 2015 | | 2014 | | 2015 | | 2014 |
| Earnings: | | | | | | | |
| Income from continuing operations | $ | 143,873 |
| | $ | 33,391 |
| | $ | 208,550 |
| | $ | 43,673 |
|
| Equity in loss (income) of unconsolidated entities | 23 |
| | (2,919 | ) | | 4 |
| | (2,895 | ) |
| Income tax expense | 398 |
| | 523 |
| | 907 |
| | 793 |
|
| Income from continuing operations before equity in (income) loss of unconsolidated entities and income tax expense | 144,294 |
| | 30,995 |
| | 209,461 |
| | 41,571 |
|
| Add: | | | | | | | |
| Distribution of income from investments in unconsolidated entities | — |
| | 2,676 |
| | 6 |
| | 11,541 |
|
| Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 30,923 |
| | 31,674 |
| | 62,245 |
| | 64,174 |
|
| Deduct: | | | | | | | |
| Capitalized interest | 490 |
| | 337 |
| | 964 |
| | 850 |
|
| Total Earnings (A) | $ | 174,727 |
| | $ | 65,008 |
| | $ | 270,748 |
| | $ | 116,436 |
|
| Fixed charges and preferred dividends: | | | | | | | |
| Interest expense | $ | 29,528 |
| | $ | 30,163 |
| | $ | 59,459 |
| | $ | 60,839 |
|
| Amortization of deferred financing costs | 905 |
| | 1,174 |
| | 1,822 |
| | 2,485 |
|
| Capitalized interest | 490 |
| | 337 |
| | 964 |
| | 850 |
|
| Total Fixed Charges (B) | $ | 30,923 |
| | $ | 31,674 |
| | $ | 62,245 |
| | $ | 64,174 |
|
| Preferred dividends, including redemption costs | — |
| | — |
| | — |
| | — |
|
| Total Fixed Charges and Stock Dividends (C) | $ | 30,923 |
| | $ | 31,674 |
| | $ | 62,245 |
| | $ | 64,174 |
|
| | | | | | | | |
| Ratio of Earnings to Fixed Charges (A/B) | 5.7 x |
| | 2.1 x |
| | 4.3 x |
| | 1.8 x |
|
| Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 5.7 x |
| | 2.1 x |
| | 4.3 x |
| | 1.8 x |
|
