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Earnings Per Common Share of MAA
 12 Months Ended
Dec. 31, 2016
Earnings per share of the trust [Abstract]  
Earnings per share
EARNINGS PER COMMON SHARE OF MAA

Basic earnings per share is computed by dividing net income available to MAA 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 years ended December 31, 2016, 2015, and 2014, 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)
Years ended December 31,
 
 
2016
 
2015
 
2014
 
Shares Outstanding
 
 
 
 
 
 
Weighted average common shares - basic
78,502

 
75,176

 
74,982

 
Weighted average partnership units outstanding
—

(1) 
—

(1) 
—

(1) 
Effect of dilutive securities
298

 
—

(2) 
—

(2) 
Weighted average common shares - diluted
78,800

 
75,176

 
74,982

 
 
 
 
 
 
 
 
Calculation of Earnings per Share - basic
 

 
 

 
 

 
Income from continuing operations
$
224,402

 
$
350,745

 
$
150,946

 
Income from continuing operations attributable to noncontrolling interests
(12,180
)
 
(18,458
)
 
(8,013
)
 
Income from continuing operations allocated to unvested restricted shares
(572
)
 
(772
)
 
(278
)
 
Preferred dividends
(307
)
 
—

 
—

 
Income from continuing operations available for common shareholders, adjusted
$
211,343

 
$
331,515

 
$
142,655

 
 
 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
—

 
$
5,331

 
Income from discontinued operations attributable to noncontrolling interest
—

 
—

 
(284
)
 
Income from discontinued operations allocated to unvested restricted shares
—

 
—

 
(10
)
 
Income from discontinued operations available for common shareholders, adjusted
$
—

 
$
—

 
$
5,037

 
 
 
 
 
 
 
 
Weighted average common shares - basic
78,502

 
75,176

 
74,982

 
Earnings per share - basic
$
2.69

 
$
4.41

 
$
1.97

 
 
 
 
 
 
 
 
Calculation of Earnings per Share - diluted
 

 
 

 
 

 
Income from continuing operations
$
224,402

 
$
350,745

 
$
150,946

 
Income from continuing operations attributable to noncontrolling interests
(12,180
)
(1) 
(18,458
)
(1) 
(8,013
)
(1) 
Income from continuing operations allocated to unvested restricted shares
—

 
(772
)
(2) 
(278
)
(2) 
Preferred dividends
(307
)
 
—

 
—

 
Income from continuing operations available for common shareholders, adjusted
$
211,915

 
$
331,515

 
$
142,655

 
 
 
 
 
 
 
 
Income from discontinued operations
$
—

 
$
—

 
$
5,331

 
Income from discontinued operations attributable to noncontrolling interest
—

 
—

 
(284
)
(1) 
Income from discontinued operations allocated to unvested restricted shares
—

 
—

 
(10
)
(2) 
Income from discontinued operations available for common shareholders, adjusted
$
—

 
$
—

 
$
5,037

 
 
 
 
 
 
 
 
Weighted average common shares - diluted
78,800

 
75,176

 
74,982

 
Earnings per share - diluted
$
2.69

 
$
4.41

 
$
1.97

 


(1) For the years ended December 31, 2016, 2015, and 2014, 4.2 million OP units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.

(2) For both the years ended December 31, 2015 and 2014, 0.1 million potentially dilutive securities and their related income are not included in the diluted earnings per share calculation as they are not dilutive.