EX-12.1 5 exhibit121-q32013.htm EXHIBIT 12.1 Exhibit 12.1 - Q3 2013


EXHIBIT 12.1


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


 
Three months ended September 30,
Nine months ended September 30,
 
2013
2012
2013
2012
Earnings:
 
 
 
 
Income from continuing operations
$
16,619

$
15,134

$
53,746

$
43,895

Equity in (income) loss of unconsolidated entities
(60
)
72

(161
)
170

Income from continuing operations before equity in (income) loss of unconsolidated entities
16,559

15,206

53,585

44,065

Add:




Distribution of income from investments in unconsolidated entities
114

1,101

8,311

11,880

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
16,007

16,056

49,260

46,883

Deduct:




Capitalized interest
246

555

1,118

1,844

Total Earnings (A)
$
32,434

$
31,808

$
110,038

$
100,984

Fixed charges and preferred dividends:
 
 
 
 
Interest expense
$
14,941

$
14,530

$
45,715

$
42,428

Amortization of deferred financing costs
820

971

2,427

2,611

Capitalized interest
246

555

1,118

1,844

Total Fixed Charges (B)
16,007

16,056

49,260

46,883

Preferred dividends, including redemption costs
—

—

—

—

Total Fixed Charges and Stock Dividends (C)
$
16,007

$
16,056

$
49,260

$
46,883

 
 
 
 
 
Ratio of Earnings to Fixed Charges (A/B)
 2.0x

2.0x

 2.2x

 2.2x

Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C)
2.0x

2.0x

 2.2x

 2.2x