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Earnings Per Common Share of MAA (Tables)
6 Months Ended
Jun. 30, 2022
Earnings Per Common Share Of M A A [Abstract]  
Schedule of Computation of Earnings Per Share

For the three and six months ended June 30, 2022 and 2021, 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 June 30,

 

 

Six months ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Calculation of Earnings per common share - basic

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

216,560

 

 

$

223,875

 

 

$

330,137

 

 

$

272,739

 

Net income attributable to noncontrolling interests

 

 

(5,858

)

 

 

(7,397

)

 

 

(8,633

)

 

 

(9,068

)

Unvested restricted shares (allocation of earnings)

 

 

(149

)

 

 

(234

)

 

 

(228

)

 

 

(294

)

Preferred dividends

 

 

(922

)

 

 

(922

)

 

 

(1,844

)

 

 

(1,844

)

Net income available for MAA common shareholders, adjusted

 

$

209,631

 

 

$

215,322

 

 

$

319,432

 

 

$

261,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

115,353

 

 

 

114,494

 

 

 

115,306

 

 

 

114,379

 

Earnings per common share - basic

 

$

1.82

 

 

$

1.88

 

 

$

2.77

 

 

$

2.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculation of Earnings per common share - diluted

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

216,560

 

 

$

223,875

 

 

$

330,137

 

 

$

272,739

 

Net income attributable to noncontrolling interests (1)

 

 

(5,858

)

 

 

(7,397

)

 

 

(8,633

)

 

 

(9,068

)

Preferred dividends

 

 

(922

)

 

 

(922

)

 

 

(1,844

)

 

 

(1,844

)

Net income available for MAA common shareholders, adjusted

 

$

209,780

 

 

$

215,556

 

 

$

319,660

 

 

$

261,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - basic

 

 

115,353

 

 

 

114,494

 

 

 

115,306

 

 

 

114,379

 

Effect of dilutive securities

 

 

203

 

 

 

318

 

 

 

336

 

 

 

311

 

Weighted average common shares - diluted

 

 

115,556

 

 

 

114,812

 

 

 

115,642

 

 

 

114,690

 

Earnings per common share - diluted

 

$

1.82

 

 

$

1.88

 

 

$

2.76

 

 

$

2.28

 

(1)
For the three and six months ended June 30, 2022, 3.2 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 six months ended June 30, 2021, 3.9 million OP Units and 4.0 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.