Mid-America Apartment Communities (MAA) 10-Q 2014 Q2 Quarterly report

EXHIBIT 12.1

Mid-America Apartment Communities, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three months ended June 30,						Six months ended June 30,
	2014			2013			2014			2013
Earnings:
Income from continuing operations	$	29,302		$	16,214		$	36,000		$	36,437
Equity in income of unconsolidated entities	(2,919		)	(47		)	(2,895		)	(101		)
Income tax expense	523			223			793			446
Income from continuing operations before equity in income of unconsolidated entities and income tax expense	26,906			16,390			33,898			36,782
Add:
Distribution of income from investments in unconsolidated entities	2,676			3,233			11,541			8,197
Fixed charges, less preferred distribution requirement of consolidated subsidiaries	31,674			16,416			64,174			33,213
Deduct:
Capitalized interest	337			424			850			872
Total Earnings (A)	$	60,919		$	35,615		$	108,763		$	77,320
Fixed charges and preferred dividends:
Interest expense	$	30,163		$	15,189		$	60,839		$	30,734
Amortization of deferred financing costs	1,174			803			2,485			1,607
Capitalized interest	337			424			850			872
Total Fixed Charges (B)	$	31,674		$	16,416		$	64,174		$	33,213
Preferred dividends, including redemption costs	—			—			—			—
Total Fixed Charges and Stock Dividends (C)	$	31,674		$	16,416		$	64,174		$	33,213
Ratio of Earnings to Fixed Charges (A/B)	1.9 x			2.2 x			1.7 x			2.3 x
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)	1.9 x			2.2 x			1.7 x			2.3 x