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EXHIBIT 12.2
Mid-America Apartments, L.P.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three months ended March 31, | |||||||
2015 | 2014 | ||||||
Earnings: | |||||||
Income from continuing operations | $ | 64,244 | $ | 9,819 | |||
Equity in (income) loss of unconsolidated entities | (19 | ) | 24 | ||||
Income tax expense | 510 | 270 | |||||
Income from continuing operations before equity in (income) loss of unconsolidated entities and income tax expense | 64,735 | 10,113 | |||||
Add: | |||||||
Distribution of income from investments in unconsolidated entities | 6 | 8,865 | |||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 31,322 | 32,500 | |||||
Deduct: | |||||||
Capitalized interest | 474 | 513 | |||||
Total Earnings (A) | $ | 95,589 | $ | 50,965 | |||
Fixed charges and preferred dividends: | |||||||
Interest expense | $ | 29,931 | $ | 30,676 | |||
Amortization of deferred financing costs | 917 | 1,311 | |||||
Capitalized interest | 474 | 513 | |||||
Total Fixed Charges (B) | $ | 31,322 | $ | 32,500 | |||
Preferred dividends, including redemption costs | — | — | |||||
Total Fixed Charges and Stock Dividends (C) | $ | 31,322 | $ | 32,500 | |||
Ratio of Earnings to Fixed Charges (A/B) | 3.1 x | 1.6 x | |||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 3.1 x | 1.6 x |