EXHIBIT 12.1
Mid-America Apartments, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Earnings: | ||||||||||||
| Income from continuing operations | $ | 16,619 | $ | 15,134 | $ | 53,746 | $ | 43,886 | ||||
| Equity in (income) loss of unconsolidated entities | (60 | ) | 72 | (161 | ) | 170 | ||||||
| Income from continuing operations before equity in (income) loss of unconsolidated entities | 16,559 | 15,206 | 53,585 | 44,056 | ||||||||
| Add: | ||||||||||||
| Distribution of income from investments in unconsolidated entities | 114 | 1,101 | 8,311 | 11,880 | ||||||||
| Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 16,007 | 15,967 | 49,260 | 46,483 | ||||||||
| Deduct: | ||||||||||||
| Capitalized interest | 246 | 466 | 1,118 | 1,435 | ||||||||
| Total Earnings (A) | $ | 32,434 | $ | 31,808 | $ | 110,038 | $ | 100,984 | ||||
| Fixed charges: | ||||||||||||
| Interest expense | $ | 14,941 | $ | 14,530 | $ | 45,715 | $ | 42,437 | ||||
| Amortization of deferred financing costs | 820 | 971 | 2,427 | 2,611 | ||||||||
| Capitalized interest | 246 | 466 | 1,118 | 1,435 | ||||||||
| Total Fixed Charges (B) | $ | 16,007 | $ | 15,967 | $ | 49,260 | $ | 46,483 | ||||
| Ratio of Earnings to Fixed Charges (A/B) | 2.0x | 2.0x | 2.2x | 2.2x | ||||||||