Earnings Per Common Share of MAA (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and 2022, 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,
	2023			2022			2023			2022
Calculation of Earnings per common share - basic
Net income	$	149,657		$	216,560		$	289,231		$	330,137
Net income attributable to noncontrolling interests		(3,969	)		(5,858	)		(7,633	)		(8,633	)
Unvested restricted shares (allocation of earnings)		(58	)		(149	)		(118	)		(228	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	144,708		$	209,631		$	279,636		$	319,432
Weighted average common shares - basic		116,621			115,353			116,401			115,306
Earnings per common share - basic	$	1.24		$	1.82		$	2.40		$	2.77
Calculation of Earnings per common share - diluted
Net income	$	149,657		$	216,560		$	289,231		$	330,137
Net income attributable to noncontrolling interests (1)		(3,969	)		(5,858	)		(7,633	)		(8,633	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	144,766		$	209,780		$	279,754		$	319,660
Weighted average common shares - basic		116,621			115,353			116,401			115,306
Effect of dilutive securities		104			203			157			336
Weighted average common shares - diluted		116,725			115,556			116,558			115,642
Earnings per common share - diluted	$	1.24		$	1.82		$	2.40		$	2.76

(1)For the three and six months ended June 30, 2023 and 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.