Mid-America Apartment Communities (MAA) 10-Q 2016 Q1 Quarterly report

EXHIBIT 12.1

Mid-America Apartment Communities, Inc.

Computation of Ratio of Earnings to Fixed Charges

(Dollars in thousands)

	Three months ended March 31,
	2016			2015
Earnings:
Income from continuing operations	$	45,808		$	64,677
Equity in loss (income) of unconsolidated entities	(128		)	(19		)
Income tax expense	288			510
Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense	45,968			65,168
Add:
Distribution of income from investments in unconsolidated entities	1,418			6
Fixed charges, less preferred distribution requirement of consolidated subsidiaries	32,591			31,322
Deduct:
Capitalized interest	380			474
Total Earnings (A)	$	79,597		$	96,022
Fixed charges and preferred dividends:
Interest expense	$	32,211		$	30,848
Capitalized interest	380			474
Total Fixed Charges (B)	$	32,591		$	31,322
Preferred dividends, including redemption costs	—			—
Total Fixed Charges and Stock Dividends (C)	$	32,591		$	31,322
Ratio of Earnings to Fixed Charges (A/B)	2.4 x			3.1 x
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)	2.4 x			3.1 x