EX-12.1 3 exhibit121-maaq42016.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1


Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
 
Year ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
224,402

 
$
350,745

 
$
150,946

 
$
37,692

 
$
61,204

Equity in loss (income) of unconsolidated entities
 
(241
)
 
2

 
(6,009
)
 
(338
)
 
223

Income tax expense
 
1,699

 
1,673

 
2,050

 
893

 
803

Income from continuing operations before equity in loss (income) of unconsolidated entities and income tax expense
 
225,860

 
352,420

 
146,987

 
38,247

 
62,230

Add:
 
 
 
 
 
 
 
 
 
 
Distribution of income from investments in unconsolidated entities
 
1,999

 
6

 
15,964

 
9,768

 
12,164

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
 
132,020

 
123,999

 
125,675

 
81,067

 
63,807

Deduct:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
2,073

 
1,655

 
1,722

 
2,089

 
2,318

Total Earnings (A)
 
$
357,806

 
$
474,770

 
$
286,904

 
$
126,993

 
$
135,883

Fixed charges and preferred dividends:
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
129,947

 
$
122,344

 
$
123,953

 
$
78,978

 
$
61,489

Capitalized interest
 
2,073

 
1,655

 
1,722

 
2,089

 
2,318

Total Fixed Charges (B)
 
$
132,020

 
$
123,999

 
$
125,675

 
$
81,067

 
$
63,807

Preferred dividends, including redemption costs
 
307

 
—

 
—

 
—

 
—

Total Fixed Charges and Stock Dividends (C)
 
$
132,327

 
$
123,999

 
$
125,675

 
$
81,067

 
$
63,807

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (A/B)
 
2.7 x

 
3.8 x

 
2.3 x

 
1.6 x

 
2.1 x

Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
 
2.7 x

 
3.8 x

 
2.3 x

 
1.6 x

 
2.1 x