Earnings Per Common Share of MAA (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Common Share Of M A A [Abstract]

Schedule of Computation of Earnings Per Share

For the three and nine months ended September 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 September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Calculation of Earnings per common share - basic
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Unvested restricted shares (allocation of earnings)		(82	)		(80	)		(308	)		(359	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,307		$	83,477		$	440,741		$	345,025
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Earnings per common share - basic	$	1.05		$	0.73		$	3.82		$	3.01
Calculation of Earnings per common share - diluted
Net income	$	125,703		$	87,047		$	455,840		$	359,786
Net income attributable to noncontrolling interests (1)		(3,392	)		(2,568	)		(12,025	)		(11,636	)
Preferred dividends		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	121,389		$	83,557		$	441,049		$	345,384
Weighted average common shares - basic		115,363			114,933			115,325			114,568
Effect of dilutive securities		205			296			267			305
Weighted average common shares - diluted		115,568			115,229			115,592			114,873
Earnings per common share - diluted	$	1.05		$	0.73		$	3.82		$	3.01

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