XML 26 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Common Share of MAA
 3 Months Ended
Mar. 31, 2016
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.  OP Units are included in dilutive earnings per share calculations when they are dilutive to earnings per share. For the three months ended March 31, 2016 and 2015, MAA's basic earnings per share was computed using the two-class method, and MAA's diluted earnings per share was computed using the more dilutive of the treasury stock method or two-class method, as presented below:
(dollars and shares in thousands, except per share amounts)
Three months ended March 31,
 
 
2016
 
2015
 
Shares Outstanding
 
 
 
 
Weighted average common shares - basic
75,249

 
75,145

 
Weighted average partnership units outstanding
—

(1) 
—

(1) 
Effect of dilutive securities
240

 
—

(2) 
Weighted average common shares - diluted
75,489

 
75,145

 
 
 
 
 
 
Calculation of Earnings per Share - basic
 

 
 

 
Income from continuing operations
$
45,808

 
$
64,677

 
Income from continuing operations attributable to noncontrolling interests
(2,395
)
 
(3,410
)
 
Income from continuing operations allocated to unvested restricted shares
(103
)
 
(131
)
 
Income from continuing operations available for common shareholders, adjusted
$
43,310

 
$
61,136

 
 
 
 
 
 
Weighted average common shares - basic
75,249

 
75,145

 
Earnings per share - basic
$
0.58

 
$
0.81

 
 
 
 
 
 
Calculation of Earnings per Share - diluted
 

 
 

 
Income from continuing operations
$
45,808

 
$
64,677

 
Income from continuing operations attributable to noncontrolling interests
(2,395
)
(1) 
(3,410
)
(1) 
Income from continuing operations allocated to unvested restricted shares
—

 
(131
)
(2) 
Income from continuing operations available for common shareholders, adjusted
$
43,413

 
$
61,136

 
 
 
 
 
 
Weighted average common shares - diluted
75,489

 
75,145

 
Earnings per share - diluted
$
0.58

 
$
0.81

 

(1) For both the three months ended March 31, 2016 and 2015, 4.2 million operating partnership units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

(2) For the three months ended March 31, 2015, 0.2 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculations as they are not dilutive.