XML 30 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings Per Common Share of MAA
 6 Months Ended
Jun. 30, 2018
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 available to MAA common shareholders by the weighted average number of common shares outstanding during the period.  All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with 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 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 the units are dilutive to earnings per share. For the three and six months ended June 30, 2018 and 2017, 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 June 30,
 
Six months ended June 30,
 
 
2018
 
2017
 
2018
 
2017
 
Common Shares Outstanding
 
 
 
 
 
 
 
 
Weighted average common shares - basic
113,646

 
113,403

 
113,595

 
113,371

 
Weighted average partnership units outstanding
—

(1) 
—

(1) 
—

(1) 
—

(1) 
Effect of dilutive securities
207

 
211

 
174

 
279

 
Weighted average common shares - diluted
113,853

 
113,614

 
113,769

 
113,650

 
 
 
 
 
 
 
 
 
 
Calculation of Earnings per Common Share - basic
 
 
 
 
 

 
 

 
Net income
$
61,981

 
$
50,155

 
$
112,801

 
$
93,571

 
Net income attributable to noncontrolling interests
(2,174
)
 
(1,840
)
 
(3,975
)
 
(3,351
)
 
Unvested restricted stock (allocation of earnings)
(78
)
 
(76
)
 
(142
)
 
(149
)
 
Preferred dividends
(922
)
 
(922
)
 
(1,844
)
 
(1,844
)
 
Net income available for common shareholders, adjusted
$
58,807

 
$
47,317

 
$
106,840

 
$
88,227

 
 
 
 
 
 
 
 
 
 
Weighted average common shares - basic
113,646

 
113,403

 
113,595

 
113,371

 
Earnings per common share - basic
$
0.52

 
$
0.42

 
$
0.94

 
$
0.78

 
 
 
 
 
 
 
 
 
 
Calculation of Earnings per Common Share - diluted
 
 
 
 
 

 
 

 
Net income
$
61,981

 
$
50,155

 
$
112,801

 
$
93,571

 
Net income attributable to noncontrolling interests
(2,174
)
(1) 
(1,840
)
(1) 
(3,975
)
(1) 
(3,351
)
(1) 
Preferred dividends
(922
)
 
(922
)
 
(1,844
)
 
(1,844
)
 
Net income available for common shareholders, adjusted
$
58,885

 
$
47,393

 
$
106,982

 
$
88,376

 
 
 
 
 
 
 
 
 
 
Weighted average common shares - diluted
113,853

 
113,614

 
113,769

 
113,650

 
Earnings per common share - diluted
$
0.52

 
$
0.42

 
$
0.94

 
$
0.78

 

(1) For the three months ended June 30, 2018, 4.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive. For the six months ended June 30, 2018 and the three and six months ended June 30, 2017, 4.2 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.