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Earnings Per Common Share of MAA
 9 Months Ended
Sep. 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 nine months ended September 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 September 30,
 
Nine months ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
Calculation of Earnings per Common Share - basic
 
 
 
 
 

 
 

 
Net income
$
54,704

 
$
118,958

 
$
167,505

 
$
212,529

 
Net income attributable to noncontrolling interests
(1,913
)
 
(4,249
)
 
(5,888
)
 
(7,600
)
 
Unvested restricted stock (allocation of earnings)
(69
)
 
(181
)
 
(211
)
 
(337
)
 
Preferred dividends
(922
)
 
(922
)
 
(2,766
)
 
(2,766
)
 
Net income available for common shareholders, adjusted
$
51,800

 
$
113,606

 
$
158,640

 
$
201,826

 
 
 
 
 
 
 
 
 
 
Weighted average common shares - basic
113,671

 
113,434

 
113,620

 
113,392

 
Earnings per common share - basic
$
0.46

 
$
1.00

 
$
1.40

 
$
1.78

 
 
 
 
 
 
 
 
 
 
Calculation of Earnings per Common Share - diluted
 
 
 
 
 

 
 

 
Net income
$
54,704

 
$
118,958

 
$
167,505

 
$
212,529

 
Net income attributable to noncontrolling interests
(1,913
)
(1) 
(4,249
)
(1) 
(5,888
)
(1) 
(7,600
)
(1) 
Preferred dividends
(922
)
 
(922
)
 
(2,766
)
 
(2,766
)
 
Net income available for common shareholders, adjusted
$
51,869

 
$
113,787

 
$
158,851

 
$
202,163

 
 
 
 
 
 
 
 
 
 
Weighted average common shares - basic
113,671

 
113,434

 
113,620

 
113,392

 
Weighted average partnership units outstanding
—

(1) 
—

(1) 
—

(1) 
—

(1) 
Effect of dilutive securities
239

 
219

 
201

 
270

 
Weighted average common shares - diluted
113,910

 
113,653

 
113,821

 
113,662

 
Earnings per common share - diluted
$
0.46

 
$
1.00

 
$
1.40

 
$
1.78

 

(1) For the three and nine months ended September 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 three and nine months ended September 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.