EX-12.1 5 dex121.htm STATEMENT OF COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS Statement of Computation of Consolidated Ratio of Earnings

EXHIBIT 12.1

MID-AMERICA APARTMENT COMMUNITIES, INC.

Statement of Computation of Consolidated Ratio of Earnings to Combined Fixed Charges and Preferred Dividends

(in thousands, except ratios)

 

    

Three Months

Ended

March 31, 2006

        
       Twelve Months Ended December 31,  
       2005     2004     2003     2002     2001  

Income from continuing operations

    $ 5,126     $ 20,125     $ 19,244     $ 18,782     $ 16,083     $ 28,689  

Minority interest in operating partnership income

      413       1,571       2,264       1,360       388       2,417  

Equity in loss of real estate joint ventures

      84       (65 )     287       949       532       296  

Fixed charges:

             

Interest expense

      15,803       58,751       50,858       44,991       48,381       51,487  

Estimate of interest within rental expense

      —         —         —         —         —         158  

Deferred financing costs

      485       2,011       1,753       2,050       2,700       2,339  

Interest capitalized

      —         —         —         —         —         1,382  

Distributed income of equity investees

      77       14,903       6,427       445       275       289  
                                                
     21,988       97,296       80,833       68,577       68,359       87,057  

Interest capitalized

      —         —         —         —         —         (1,382 )

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

      —         —         —         —         —         —    
                                                

Earnings

    $ 21,988     $ 97,296     $ 80,833     $ 68,577     $ 68,359     $ 85,675  

Fixed charges:

             

Interest expense

    $ 15,803     $ 58,751     $ 50,858     $ 44,991     $ 48,381     $ 51,487  

Estimate of interest within rental expense

      —         —         —         —         —         158  

Deferred financing costs

      485       2,011       1,753       2,050       2,700       2,339  

Interest capitalized

      —         —         —         —         —         1,382  
                                                

Fixed charges

    $ 16,288     $ 60,762     $ 52,611     $ 47,041     $ 51,081     $ 55,366  

Ratio of earnings to fixed charges

      1.3x       1.6x       1.5x       1.5x       1.3x       1.5x  

Fixed charges:

             

Interest expense

    $ 15,803     $ 58,751     $ 50,858     $ 44,991     $ 48,381     $ 51,487  

Estimate of interest within rental expense

      —         —         —         —         —         158  

Deferred financing costs

      485       2,011       1,753       2,050       2,700       2,339  

Interest capitalized

      —         —         —         —         —         1,382  

Preferred stock dividends

      3,490       14,329       14,825       15,419       16,029       16,113  
                                                

Combined fixed charges and preferred stock dividends

    $ 19,778     $ 75,091     $ 67,436     $ 62,460     $ 67,110     $ 71,479  

Ratio of earnings to combined fixed charges and preferred stock dividends

      1.1 x     1.3 x     1.2 x     1.1 x     1.0 x     1.2 x