Earnings Per Common Share of MAA (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024, MAA’s diluted earnings per share was computed using the two-class method, and for the three and nine months ended September 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 September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Calculation of Earnings per common share - basic
Net income	$	118,230		$	113,732		$	370,502		$	402,963
Net income attributable to noncontrolling interests		(3,035	)		(3,000	)		(9,605	)		(10,633	)
Unvested restricted shares (allocation of earnings)		(53	)		(44	)		(163	)		(161	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	114,220		$	109,766		$	357,968		$	389,403
Weighted average common shares - basic		116,820			116,633			116,758			116,479
Earnings per common share - basic	$	0.98		$	0.94		$	3.07		$	3.34
Calculation of Earnings per common share - diluted
Net income	$	118,230		$	113,732		$	370,502		$	402,963
Net income attributable to noncontrolling interests (1)		(3,035	)		(3,000	)		(9,605	)		(10,633	)
Unvested restricted shares (allocation of earnings)		(53	)		—			(163	)		—
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(2,766	)		(2,766	)
Net income available for MAA common shareholders, adjusted	$	114,220		$	109,810		$	357,968		$	389,564
Weighted average common shares - basic		116,820			116,633			116,758			116,479
Effect of dilutive securities		—			78			—			134
Weighted average common shares - diluted		116,820			116,711			116,758			116,613
Earnings per common share - diluted	$	0.98		$	0.94		$	3.07		$	3.34

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