EXHIBIT 12.1
MID-AMERICA APARTMENT COMMUNITIES, INC.
Statement of Computation of Consolidated Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except rations)
| Three Months | ||||||||||||||||||||||||
| Ended | Twelve Months Ended December 31, | |||||||||||||||||||||||
| March 31, 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
| Income from continuing operations | $ | 15,851 | $ | 37,732 | $ | 29,972 | $ | 32,343 | $ | 30,491 | $ | 32,632 | ||||||||||||
| Equity in loss of real estate joint ventures | 31 | 593 | 1,149 | 816 | 844 | (5,330 | ) | |||||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expense | 14,350 | 58,612 | 55,895 | 56,994 | 62,010 | 63,639 | ||||||||||||||||||
| Estimate of interest within rental expense | - | - | - | - | - | - | ||||||||||||||||||
| Deferred financing costs | 771 | 2,902 | 2,627 | 2,374 | 2,307 | 2,407 | ||||||||||||||||||
| Interest capitalized | 638 | 1,156 | 66 | 252 | 826 | 795 | ||||||||||||||||||
| Distributed income of equity investees | 459 | 1,402 | 1,735 | 120 | 1 | 9,855 | ||||||||||||||||||
| 32,100 | 102,397 | 91,444 | 92,899 | 96,479 | 103,998 | |||||||||||||||||||
| Interest capitalized | (638 | ) | (1,156 | ) | (66 | ) | (252 | ) | (826 | ) | (795 | ) | ||||||||||||
| Net income attributable to noncontrolling | ||||||||||||||||||||||||
| interest in pre-tax income of subsidiaries that have not incurred fixed charges | - | - | - | - | - | - | ||||||||||||||||||
| Earnings | $ | 31,462 | $ | 101,241 | $ | 91,378 | $ | 92,647 | $ | 95,653 | $ | 103,203 | ||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expense | $ | 14,350 | $ | 58,612 | $ | 55,895 | $ | 56,994 | $ | 62,010 | $ | 63,639 | ||||||||||||
| Estimate of interest within rental expense | - | - | - | - | - | - | ||||||||||||||||||
| Deferred financing costs | 771 | 2,902 | 2,627 | 2,374 | 2,307 | 2,407 | ||||||||||||||||||
| Interest capitalized | 638 | 1,156 | 66 | 252 | 826 | 795 | ||||||||||||||||||
| Fixed charges | $ | 15,759 | $ | 62,670 | $ | 58,588 | $ | 59,620 | $ | 65,143 | $ | 66,841 | ||||||||||||
| Ratio of earnings to fixed charges | 2.0x | 1.6x | 1.6x | 1.6x | 1.5x | 1.5x | ||||||||||||||||||
| Fixed charges: | ||||||||||||||||||||||||
| Interest expense | $ | 14,350 | $ | 58,612 | $ | 55,895 | $ | 56,994 | $ | 62,010 | $ | 63,639 | ||||||||||||
| Estimate of interest within rental expense | - | - | - | - | - | - | ||||||||||||||||||
| Deferred financing costs | 771 | 2,902 | 2,627 | 2,374 | 2,307 | 2,407 | ||||||||||||||||||
| Interest capitalized | 638 | 1,156 | 66 | 252 | 826 | 795 | ||||||||||||||||||
| Preferred stock dividends | - | - | 6,549 | 12,865 | 12,865 | 13,688 | ||||||||||||||||||
| Combined fixed charges and preferred | ||||||||||||||||||||||||
| stock dividends | $ | 15,759 | $ | 62,670 | $ | 65,137 | $ | 72,485 | $ | 78,008 | $ | 80,529 | ||||||||||||
| Ratio of earnings to combined fixed charges | ||||||||||||||||||||||||
| and preferred stock dividends | 2.0x | 1.6x | 1.4x | 1.3x | 1.2x | 1.3x | ||||||||||||||||||
