Earnings Per Common Share of MAA (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024, MAA’s diluted earnings per share was computed using the two-class method, and for the three and six months ended June 30, 2023, 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,
	2024			2023			2024			2023
Calculation of Earnings per common share - basic
Net income	$	104,662		$	149,657		$	252,272		$	289,231
Net income attributable to noncontrolling interests		(2,709	)		(3,969	)		(6,570	)		(7,633	)
Unvested restricted shares (allocation of earnings)		(47	)		(58	)		(111	)		(118	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	100,984		$	144,708		$	243,747		$	279,636
Weighted average common shares - basic		116,783			116,621			116,727			116,401
Earnings per common share - basic	$	0.86		$	1.24		$	2.09		$	2.40
Calculation of Earnings per common share - diluted
Net income	$	104,662		$	149,657		$	252,272		$	289,231
Net income attributable to noncontrolling interests (1)		(2,709	)		(3,969	)		(6,570	)		(7,633	)
Unvested restricted shares (allocation of earnings)		(47	)		—			(111	)		—
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	100,984		$	144,766		$	243,747		$	279,754
Weighted average common shares - basic		116,783			116,621			116,727			116,401
Effect of dilutive securities		—			104			—			157
Weighted average common shares - diluted		116,783			116,725			116,727			116,558
Earnings per common share - diluted	$	0.86		$	1.24		$	2.09		$	2.40

(1)For the three and six months ended June 30, 2024 and 2023, 3.1 million OP Units and 3.2 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.