Earnings Per Common Share of MAA

12 Months Ended

Dec. 31, 2023

Earnings Per Common Share Of M A A [Abstract]

Basic earnings per share is computed using the two-class method 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 common 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 years ended December 31, 2023, 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):


Calculation of Earnings per common share - basic	2023			2022			2021
Net income	$	567,831		$	654,776		$	550,702
Net income attributable to noncontrolling interests		(15,025	)		(17,340	)		(16,911	)
Unvested restricted shares (allocation of earnings)		(224	)		(438	)		(539	)
Dividends to MAA Series I preferred shareholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders, adjusted	$	548,894		$	633,310		$	529,564

Weighted average common shares - basic		116,521			115,344			114,717
Earnings per common share - basic	$	4.71		$	5.49		$	4.62

Calculation of Earnings per common share - diluted
Net income	$	567,831		$	654,776		$	550,702
Net income attributable to noncontrolling interests (1)		(15,025	)		(17,340	)		(16,911	)
Dividends to MAA Series I preferred shareholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders, adjusted	$	549,118		$	633,748		$	530,103

Weighted average common shares - basic		116,521			115,344			114,717
Effect of dilutive securities		124			239			322
Weighted average common shares - diluted		116,645			115,583			115,039
Earnings per common share - diluted	$	4.71		$	5.48		$	4.61

(1)

For the years ended December 31, 2023, 2022 and 2021, 3.1 million, 3.2 million and 3.7 million OP Units and their related income are not included in the diluted earnings per share calculations as they are not dilutive.