Mid-America Apartments 10-Q 2017 Q1 Quarterly report

EXHIBIT 12.1

Mid-America Apartment Communities, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three months ended March 31,
	2017			2016
Earnings:
Net Income	$	43,416		$	45,808
Equity in loss (income) of unconsolidated entities	(357		)	(128		)
Income tax expense	651			288
Net income before equity in loss (income) of unconsolidated entities and income tax expense	43,710			45,968
Add:
Distribution of income from investments in unconsolidated entities	221			1,418
Fixed charges, less preferred distribution requirement of consolidated subsidiaries	38,604			32,591
Deduct:
Capitalized interest	2,020			380
Total Earnings (A)	$	80,515		$	79,597
Fixed charges and preferred dividends:
Interest expense	$	36,584		$	32,211
Capitalized interest	2,020			380
Total Fixed Charges (B)	$	38,604		$	32,591
Preferred dividends, including redemption costs	922			—
Total Fixed Charges and Stock Dividends (C)	$	39,526		$	32,591
Ratio of Earnings to Fixed Charges (A/B)	2.1 x			2.4 x
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)	2.0 x			2.4 x