EX-12.2 3 exhibit122-maalpq12017.htm EXHIBIT 12.2 Exhibit


EXHIBIT 12.2


Mid-America Apartments, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)


 
Three months ended March 31,
 
2017
 
2016
Earnings:
 
 
 
Net Income
$
43,416

 
$
45,808

Equity in loss (income) of unconsolidated entities
(357
)
 
(128
)
Income tax expense
651

 
288

Net income before equity in loss (income) of unconsolidated entities and income tax expense
43,710

 
45,968

Add:
 
 
 
Distribution of income from investments in unconsolidated entities
221

 
1,418

Fixed charges, less preferred distribution requirement of consolidated subsidiaries
38,604

 
32,591

Deduct:
 
 
 
Capitalized interest
2,020

 
380

Total Earnings (A)
$
80,515

 
$
79,597

Fixed charges and preferred dividends:
 
 
 
Interest expense
$
36,584

 
$
32,211

Capitalized interest
2,020

 
380

Total Fixed Charges (B)
$
38,604

 
$
32,591

Preferred dividends, including redemption costs
922

 

Total Fixed Charges and Stock Dividends (C)
$
39,526

 
$
32,591

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

 
2.4 x

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

 
2.4 x