Mid-America Apartments S-3ASR Automatic shelf registration

EXHIBIT 12.1

Mid-America Apartment Communities, Inc.

Computation of Ratio of Earnings to Fixed Charges (Dollars in thousands)

	Six Months Ended June 30,			Year ended December 31,
	2018			2017			2016			2015		2014			2013
Earnings
Net income	$	112,801		$	340,536		$	224,402		$	350,745	$	150,946		$	37,692
Equity in (income) loss of unconsolidated entities		(854	)		(1,370	)		(241	)		2		(6,009	)		(338	)
Income tax expense		1,210			2,619			1,699			1,673		2,050			893
Net income before equity in (income) loss of unconsolidated entities and income tax expense		113,157			341,785			225,860			352,420		146,987			38,247
Add:
Distribution of income from investments in unconsolidated entities		1,039			907			1,999			6		15,964			9,768
Fixed charges, less preferred distribution requirement of consolidated subsidiaries		85,773			161,989			132,020			123,999		125,675			81,067
Deduct:
Capitalized interest		1,283			7,238			2,073			1,655		1,722			2,089
Total earnings (A)	$	198,686		$	497,443		$	357,806		$	474,770	$	286,904		$	126,993
Fixed charges and preferred dividends
Interest expense	$	84,490		$	154,751		$	129,947		$	122,344	$	123,953		$	78,978
Capitalized interest		1,283			7,238			2,073			1,655		1,722			2,089
Total fixed charges (B)	$	85,773		$	161,989		$	132,020		$	123,999	$	125,675		$	81,067
Preferred dividends, including redemption costs		1,844			3,688			307			—		—			—
Total fixed charges and preferred dividends (C)	$	87,617		$	165,677		$	132,327		$	123,999	$	125,675		$	81,067
Ratio of Earnings to Fixed Charges (A/B)		2.3 x			3.1 x			2.7 x			3.8 x		2.3 x			1.6 x
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)		2.3 x			3.0 x			2.7 x			3.8 x		2.3 x			1.6 x