Mid-America Apartment Communities (MAA) 10-K 2014 FY Annual report

EXHIBIT 12.1

Mid-America Apartment Communities, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Year ended December 31,
	2014			2013			2012		2011		2010
Earnings:
Income from continuing operations	$	149,068		$	37,277		$	61,204	$	28,702	$	22,833
Equity in income of unconsolidated entities	(6,009		)	(338		)	223		593		1,149
Income tax expense	2,050			893			803		727		623
Income from continuing operations before equity in income of unconsolidated entities and income tax expense	145,109			37,832			62,230		30,022		24,605
Add:
Distribution of income from investments in unconsolidated entities	15,964			9,768			12,164		1,402		1,735
Fixed charges, less preferred distribution requirement of consolidated subsidiaries	125,675			81,067			63,807		60,441		56,257
Deduct:
Capitalized interest	1,722			2,089			2,318		1,156		66
Total Earnings (A)	$	285,026		$	126,578		$	135,883	$	90,709	$	82,531
Fixed charges and preferred dividends:
Interest expense	$	119,464		$	75,915		$	57,937	$	56,383	$	53,564
Amortization of deferred financing costs	4,489			3,063			3,552		2,902		2,627
Capitalized interest	1,722			2,089			2,318		1,156		66
Total Fixed Charges (B)	$	125,675		$	81,067		$	63,807	$	60,441	$	56,257
Preferred dividends, including redemption costs	—			—			—		—		11,698
Total Fixed Charges and Stock Dividends (C)	$	125,675		$	81,067		$	63,807	$	60,441	$	67,955
Ratio of Earnings to Fixed Charges (A/B)	2.3 x			1.6 x			2.1 x		1.5 x		1.5 x
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)	2.3 x			1.6 x			2.1 x		1.5 x		1.2 x