Earnings Per Common Share of MAA (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Common Share Of M A A [Abstract]

Schedule of Computation of Diluted Earnings per Share

For the three and nine months ended September 30, 2021 and 2020, MAA’s diluted earnings per share was computed using the treasury stock method as presented below (dollars and shares in thousands, except per share amounts):

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Calculation of Earnings per common share - basic
Net income	$	87,047		$	62,036		$	359,786		$	177,716
Net income attributable to noncontrolling interests		(2,568	)		(2,126	)		(11,636	)		(6,096	)
Unvested restricted stock (allocation of earnings)		(80	)		(78	)		(359	)		(229	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	83,477		$	58,910		$	345,025		$	168,625
Weighted average common shares - basic		114,933			114,216			114,568			114,177
Earnings per common share - basic	$	0.73		$	0.52		$	3.01		$	1.48
Calculation of Earnings per common share - diluted
Net income	$	87,047		$	62,036		$	359,786		$	177,716
Net income attributable to noncontrolling interests (1)		(2,568	)		(2,126	)		(11,636	)		(6,096	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	83,557		$	58,988		$	345,384		$	168,854
Weighted average common shares - basic		114,933			114,216			114,568			114,177
Effect of dilutive securities		296			252			305			310
Weighted average common shares - diluted		115,229			114,468			114,873			114,487
Earnings per common share - diluted	$	0.73		$	0.52		$	3.01		$	1.47

(1)For the three and nine months ended September 30, 2021 3.5 million OP Units and 3.8 million OP Units, respectively, 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, 2020, 4.1 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.