Earnings Per Common Share of MAA

6 Months Ended

Jun. 30, 2025

Earnings Per Common Share Of M A A [Abstract]

2. Earnings per Common Share of MAA

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 three and six months ended June 30, 2025, MAA’s diluted earnings per share was computed using the treasury stock method, and for the three and six months ended June 30, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Calculation of Earnings per common share - basic
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests		(2,748	)		(2,709	)		(7,481	)		(6,570	)
Unvested restricted shares (allocation of earnings)		(59	)		(47	)		(156	)		(111	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)		(1,844	)		(1,844	)
Net income available for MAA common shareholders, adjusted	$	107,146		$	100,984		$	287,800		$	243,747

Weighted average common shares - basic		116,976			116,783			116,908			116,727
Earnings per common share - basic	$	0.92		$	0.86		$	2.46		$	2.09

Calculation of Earnings per common share - diluted
Net income	$	110,875		$	104,662		$	297,281		$	252,272
Net income attributable to noncontrolling interests (1)		(2,748	)		(2,709	)		(7,481	)		(6,570	)
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	$	107,205		$	100,984		$	287,956		$	243,747

Weighted average common shares - basic		116,976			116,783			116,908			116,727
Effect of dilutive securities		187			—			241			—
Weighted average common shares - diluted		117,163			116,783			117,149			116,727
Earnings per common share - diluted	$	0.92		$	0.86		$	2.46		$	2.09

(1)

For the three and six months ended June 30, 2025 and 2024, 3.0 million OP Units and 3.1 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.