EXHIBIT 12.1
Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
|
| | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
| | 2015 | | 2014 | | 2015 | | 2014 |
| Earnings: | | | | | | | |
| Income from continuing operations | $ | 96,828 |
| | $ | 70,827 |
| | $ | 305,378 |
| | $ | 114,500 |
|
| Equity in loss (income) of unconsolidated entities | 1 |
| | (3,124 | ) | | 5 |
| | (6,019 | ) |
| Income tax expense | 512 |
| | 442 |
| | 1,419 |
| | 1,235 |
|
| Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 97,341 |
| | 68,145 |
| | 306,802 |
| | 109,716 |
|
| Add: | | | | | | | |
| Distribution of income from investments in unconsolidated entities | — |
| | 4,423 |
| | 6 |
| | 15,964 |
|
| Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 30,578 |
| | 29,654 |
| | 92,824 |
| | 93,828 |
|
| Deduct: | | | | | | | |
| Capitalized interest | 349 |
| | 403 |
| | 1,313 |
| | 1,253 |
|
| Total Earnings (A) | $ | 127,570 |
| | $ | 101,819 |
| | $ | 398,319 |
| | $ | 218,255 |
|
| Fixed charges and preferred dividends: | | | | | | | |
| Interest expense | $ | 29,342 |
| | $ | 28,251 |
| | $ | 88,801 |
| | $ | 89,090 |
|
| Amortization of deferred financing costs | 887 |
| | 1,000 |
| | 2,710 |
| | 3,485 |
|
| Capitalized interest | 349 |
| | 403 |
| | 1,313 |
| | 1,253 |
|
| Total Fixed Charges (B) | $ | 30,578 |
| | $ | 29,654 |
| | $ | 92,824 |
| | $ | 93,828 |
|
| Preferred dividends, including redemption costs | — |
| | — |
| | — |
| | — |
|
| Total Fixed Charges and Stock Dividends (C) | $ | 30,578 |
| | $ | 29,654 |
| | $ | 92,824 |
| | $ | 93,828 |
|
| | | | | | | | |
| Ratio of Earnings to Fixed Charges (A/B) | 4.2 x |
| | 3.4 x |
| | 4.3 x |
| | 2.3 x |
|
| Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 4.2 x |
| | 3.4 x |
| | 4.3 x |
| | 2.3 x |
|
