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Earnings Per Common Share of MAA
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30,
 
Six months ended June 30,
 
2014
 
2013
 
2014
 
2013
Shares Outstanding
 
 
 
 
 
 
 
Weighted average common shares - basic
74,948

 
42,690

 
74,876

 
42,523

Weighted average partnership units outstanding
—

(1) 
—

(1) 
—

(1) 
1,711

Effect of dilutive securities
—

(1) 
—

(1) 
162

 
60

Weighted average common shares - diluted
74,948

 
42,690

 
75,038

 
44,294

 
 
 
 
 
 
 
 
Calculation of Earnings per Share - basic
 
 
 
 
 

 
 

Income from continuing operations
$
29,302

 
$
16,214

 
$
36,000

 
$
36,437

Gain on sale of depreciable assets excluded from discontinued operations
3,658

 
—

 
6,222

 
—

(Loss) gain on sale of non-depreciable assets
(22
)
 
—

 
535

 
—

Income from continuing operations attributable to noncontrolling interests
(1,749
)
 
(580
)
 
(2,283
)
 
(1,341
)
Income from continuing operations allocated to unvested restricted shares
(64
)
 
(14
)
 
—

 
(32
)
Income from continuing operations available for common shareholders, adjusted
$
31,125

 
$
15,620

 
$
40,474

 
$
35,064

 
 
 
 
 
 
 
 
Income from discontinued operations
$
448

 
$
44,814

 
$
6,343

 
$
46,596

Income from discontinued operations attributable to noncontrolling interest
(24
)
 
(1,359
)
 
(338
)
 
(1,423
)
Income from discontinued operations allocated to unvested restricted shares
(1
)
 
(39
)
 
(12
)
 
(42
)
Income from discontinued operations available for common shareholders, adjusted
$
423

 
$
43,416

 
$
5,993

 
$
45,131

 
 
 
 
 
 
 
 
Weighted average common shares - basic
74,948

 
42,690

 
74,876

 
42,523

Earnings per share - basic
$
0.42

 
$
1.38

 
$
0.62

 
$
1.89

 
 
 
 
 
 
 
 
Calculation of Earnings per Share - diluted
 
 
 
 
 

 
 

Income from continuing operations
$
29,302

 
$
16,214

 
$
36,000

 
$
36,437

Gain on sale of depreciable assets excluded from discontinued operations
3,658

 
—

 
6,222

 
—

(Loss) gain on sale of non-depreciable assets
(22
)
 
—

 
535

 
—

Income from continuing operations attributable to noncontrolling interests
(1,749
)
(1) 
(623
)
(1) 
(2,283
)
(1) 
—

Income from continuing operations allocated to unvested restricted shares
(64
)
(1) 
(14
)
(1) 
—

 
—

Income from continuing operations available for common shareholders, adjusted
$
31,125

 
$
15,577

 
$
40,474

 
$
36,437

 
 
 
 
 
 
 
 
Income from discontinued operations
$
448

 
$
44,814

 
$
6,343

 
$
46,596

Income from discontinued operations attributable to noncontrolling interest
(24
)
(1) 
(1,722
)
(1) 
(338
)
(1) 
—

Income from discontinued operations allocated to unvested restricted shares
(1
)
(1) 
(39
)
(1) 
—

 
—

Income from discontinued operations available for common shareholders, adjusted
$
423

 
$
43,053

 
$
6,005

 
$
46,596

 
 
 
 
 
 
 
 
Weighted average common shares - diluted
74,948

 
42,690

 
75,038

 
44,294

Earnings per share - diluted
$
0.42

 
$
1.37

 
$
0.62

 
$
1.87


(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.