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Earnings Per Common Share of MAA Earnings Per Common Share of MAA (Notes)
 3 Months Ended
Mar. 31, 2014
Earnings Per Common Share of MAA [Abstract]  
Earnings Per Share [Text Block]
Earnings per Common Share of MAA

Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period.  All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods.  Operating partnership units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the three months ended March 31, 2014 and 2013, MAA's basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method:

(dollars and shares in thousands, except per share amounts)
Three months ended March 31,
 
2014
 
2013
Shares Outstanding
 
 
 
Weighted average common shares - basic
74,803

 
42,354

Weighted average partnership units outstanding
—

(1) 
1,715

Effect of dilutive securities
—

(1) 
80

Weighted average common shares - diluted
74,803

 
44,149

 
 
 
 
Calculation of Earnings per Share - basic
 

 
 

Income from continuing operations
$
6,698

 
$
20,223

Gain on sale of depreciable assets excluded from discontinued operations
2,564

 
—

Gain on sale of non-depreciable assets
557

 
—

Income from continuing operations attributable to noncontrolling interests
(534
)
 
(760
)
Income from continuing operations allocated to unvested restricted shares
(17
)
 
(18
)
Income from continuing operations available for common shareholders, adjusted
$
9,268

 
$
19,445

 
 
 
 
Income from discontinued operations
$
5,895

 
$
1,782

Income from discontinued operations attributable to noncontrolling interest
(314
)
 
(65
)
Income from discontinued operations allocated to unvested restricted shares
(10
)
 
(2
)
Income from discontinued operations available for common shareholders, adjusted
$
5,571

 
$
1,715

 
 
 
 
Weighted average common shares - basic
74,803

 
42,354

Earnings per share - basic
$
0.20

 
$
0.50

 
 
 
 
Calculation of Earnings per Share - diluted
 

 
 

Income from continuing operations
$
6,698

 
$
20,223

Gain on sale of depreciable assets
2,564

 
—

Gain on sale of non-depreciable assets
557

 
—

Income from continuing operations attributable to noncontrolling interests
(534
)
(1) 
—

Income from continuing operations allocated to unvested restricted shares
(17
)
(1) 
—

Income from continuing operations available for common shareholders, adjusted
$
9,268

 
$
20,223

 
 
 
 
Income from discontinued operations
$
5,895

 
$
1,782

Income from discontinued operations attributable to noncontrolling interest
(314
)
(1) 
—

Income from discontinued operations allocated to unvested restricted shares
(10
)
(1) 
—

Income from discontinued operations available for common shareholders, adjusted
$
5,571

 
$
1,782

 
 
 
 
Weighted average common shares - diluted
74,803

 
44,149

Earnings per share - diluted
$
0.20

 
$
0.50


(1) Operating partnership units, other dilutive securities, and the related income with each are not included in the diluted earnings per share calculations as they were not dilutive.
Earnings per OP Unit of MAALP

Basic earnings per OP Unit is computed by dividing net income available for common unitholders by the weighted average number of units outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common unitholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per OP unit. Diluted earnings per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units.

A reconciliation of the numerators and denominators of the basic and diluted earnings per unit computations for the three months ended March 31, 2014 and 2013 is presented below:

(dollars and units in thousands, except per unit amounts)
Three months ended March 31,
 
2014
 
2013
Units Outstanding
 
 
 
Weighted average common units - basic
79,023

 
44,109

Effect of dilutive securities
—

(1) 
80

Weighted average common units - diluted
79,023

 
44,189

 
 
 
 
Calculation of Earnings per Unit - basic
 

 
 

Income from continuing operations
$
6,698

 
$
20,223

Gain on sale of depreciable assets excluded from discontinued operations
2,564

 
—

Gain on sale of non-depreciable assets
557

 
—

Income from continuing operations allocated to unvested restricted shares
(17
)
 
(18
)
Income from continuing operations available for common unitholders, adjusted
$
9,802

 
$
20,205

 
 
 
 
Income from discontinued operations
$
5,895

 
$
1,570

Income from discontinued operations allocated to unvested restricted shares
(10
)
 
(1
)
Income from discontinued operations available for common unitholders, adjusted
$
5,885

 
$
1,569

 
 
 
 
Weighted average common units - basic
79,023

 
44,109

Earnings per unit - basic:
$
0.20

 
$
0.49

 
 
 
 
Calculation of Earnings per Unit - diluted
 

 
 

Income from continuing operations
$
6,698

 
$
20,223

Gain on sale of depreciable assets
2,564

 
—

Gain on sale of non-depreciable assets
557

 
—

Income from continuing operations allocated to unvested restricted shares
(17
)
(1) 
—

Income from continuing operations available for common unitholders, adjusted
$
9,802

 
$
20,223

 
 
 
 
Income from discontinued operations
$
5,895

 
$
1,570

Income from discontinued operations allocated to unvested restricted shares
(10
)
(1) 
—

Income from discontinued operations available for common unitholders, adjusted
$
5,885

 
$
1,570

 
 
 
 
Weighted average common units - diluted
79,023

 
44,189

Earnings per unit - diluted:
$
0.20

 
$
0.49


(1) Dilutive securities and the related income are not included in the diluted earnings per unit calculations as they were not dilutive.