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, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings: | |||||||||||||||
Net Income | $ | 118,958 | $ | 88,906 | $ | 212,529 | $ | 182,344 | |||||||
Equity in loss (income) of unconsolidated entities | (335 | ) | — | (1,021 | ) | (27 | ) | ||||||||
Income tax expense | 641 | 454 | 1,910 | 1,200 | |||||||||||
Net income before equity in loss (income) of unconsolidated entities and income tax expense | 119,264 | 89,360 | 213,418 | 183,517 | |||||||||||
Add: | |||||||||||||||
Distribution of income from investments in unconsolidated entities | 79 | 30 | 418 | 1,823 | |||||||||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 41,597 | 32,555 | 120,889 | 97,513 | |||||||||||
Deduct: | |||||||||||||||
Capitalized interest | 1,657 | 387 | 5,884 | 1,095 | |||||||||||
Total Earnings (A) | $ | 159,283 | $ | 121,558 | $ | 328,841 | $ | 281,758 | |||||||
Fixed charges and preferred dividends: | |||||||||||||||
Interest expense | $ | 39,940 | $ | 32,168 | $ | 115,005 | $ | 96,418 | |||||||
Capitalized interest | 1,657 | 387 | 5,884 | 1,095 | |||||||||||
Total Fixed Charges (B) | $ | 41,597 | $ | 32,555 | $ | 120,889 | $ | 97,513 | |||||||
Preferred dividends, including redemption costs | 922 | — | 2,766 | — | |||||||||||
Total Fixed Charges and Preferred Dividends (C) | $ | 42,519 | $ | 32,555 | $ | 123,655 | $ | 97,513 | |||||||
Ratio of Earnings to Fixed Charges (A/B) | 3.8 x | 3.7 x | 2.7 x | 2.9 x | |||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 3.7 x | 3.7 x | 2.7 x | 2.9 x |