EXHIBIT 12.1
Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2015 | 2014 | 2015 | 2014 | ||||||||||||
| Earnings: | |||||||||||||||
| Income from continuing operations | $ | 96,828 | $ | 70,827 | $ | 305,378 | $ | 114,500 | |||||||
| Equity in loss (income) of unconsolidated entities | 1 | (3,124 | ) | 5 | (6,019 | ) | |||||||||
| Income tax expense | 512 | 442 | 1,419 | 1,235 | |||||||||||
| Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense | 97,341 | 68,145 | 306,802 | 109,716 | |||||||||||
| Add: | |||||||||||||||
| Distribution of income from investments in unconsolidated entities | — | 4,423 | 6 | 15,964 | |||||||||||
| Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 30,578 | 29,654 | 92,824 | 93,828 | |||||||||||
| Deduct: | |||||||||||||||
| Capitalized interest | 349 | 403 | 1,313 | 1,253 | |||||||||||
| Total Earnings (A) | $ | 127,570 | $ | 101,819 | $ | 398,319 | $ | 218,255 | |||||||
| Fixed charges and preferred dividends: | |||||||||||||||
| Interest expense | $ | 29,342 | $ | 28,251 | $ | 88,801 | $ | 89,090 | |||||||
| Amortization of deferred financing costs | 887 | 1,000 | 2,710 | 3,485 | |||||||||||
| Capitalized interest | 349 | 403 | 1,313 | 1,253 | |||||||||||
| Total Fixed Charges (B) | $ | 30,578 | $ | 29,654 | $ | 92,824 | $ | 93,828 | |||||||
| Preferred dividends, including redemption costs | — | — | — | — | |||||||||||
| Total Fixed Charges and Stock Dividends (C) | $ | 30,578 | $ | 29,654 | $ | 92,824 | $ | 93,828 | |||||||
| Ratio of Earnings to Fixed Charges (A/B) | 4.2 x | 3.4 x | 4.3 x | 2.3 x | |||||||||||
| Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 4.2 x | 3.4 x | 4.3 x | 2.3 x | |||||||||||