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 |
|
