EXHIBIT 12.1
MID-AMERICA APARTMENT COMMUNITIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in thousands)
Nine Months Ended September 30, | Years Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations | $ | 305,378 | $ | 149,068 | $ | 37,277 | $ | 61,204 | $ | 28,702 | $ | 22,833 | ||||||||||||
Equity in loss (income) of unconsolidated entities | 5 | (6,009 | ) | (338 | ) | 223 | 593 | 1,149 | ||||||||||||||||
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Income from continuing operations before equity in loss (income) of unconsolidated entities | 306,802 | 145,109 | 37,832 | 62,230 | 30,022 | 24,605 | ||||||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 92,824 | 125,675 | 81,067 | 63,807 | 60,441 | 56,257 | ||||||||||||||||||
Deduct: | ||||||||||||||||||||||||
Capitalized interest | 1,313 | 1,722 | 2,089 | 2,318 | 1,156 | 66 | ||||||||||||||||||
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Total Earnings (A) | $ | 398,319 | $ | 285,026 | $ | 126,578 | $ | 135,883 | $ | 90,709 | $ | 82,531 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 88,801 | $ | 119,464 | $ | 75,915 | $ | 57,937 | $ | 56,383 | $ | 53,564 | ||||||||||||
Amortization of deferred financing costs | 2,710 | 4,489 | 3,063 | 3,552 | 2,902 | 2,627 | ||||||||||||||||||
Capitalized interest | 1,313 | 1,722 | 2,089 | 2,318 | 1,156 | 66 | ||||||||||||||||||
Total Fixed Charges (B) | $ | 92,824 | $ | 125,675 | $ | 63,807 | $ | 63,807 | $ | 60,441 | $ | 56,257 | ||||||||||||
Preferred dividends, including redemption costs | — | — | — | — | — | 11,698 | ||||||||||||||||||
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Total Fixed Charges and Preferred Stock Dividends (C) | $ | 92,824 | $ | 125,675 | $ | 81,067 | $ | 63,807 | $ | 60,441 | $ | 67,955 | ||||||||||||
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Ratio of Earnings to Fixed Charges (A/B) | 3.4x | 2.3x | 1.6x | 2.1x | 1.5x | 1.5x | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 3.4x | 2.3x | 1.6x | 2.1x | 1.5x | 1.2x | ||||||||||||||||||
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