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EXHIBIT 12.1
Mid-America Apartment Communities, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Earnings: | |||||||||||||||
Net income | $ | 61,981 | $ | 50,155 | $ | 112,801 | $ | 93,571 | |||||||
Equity in income of unconsolidated entities | (356 | ) | (329 | ) | (854 | ) | (686 | ) | |||||||
Income tax expense | 570 | 618 | 1,210 | 1,269 | |||||||||||
Net income before equity in income of unconsolidated entities and income tax expense | 62,195 | 50,444 | 113,157 | 94,154 | |||||||||||
Add: | |||||||||||||||
Distribution of income from investments in unconsolidated entities | 586 | 118 | 1,039 | 339 | |||||||||||
Fixed charges, less preferred distribution requirement of consolidated subsidiaries | 44,073 | 40,688 | 85,773 | 79,292 | |||||||||||
Deduct: | |||||||||||||||
Capitalized interest | 488 | 2,207 | 1,283 | 4,227 | |||||||||||
Total earnings (A) | $ | 106,366 | $ | 89,043 | $ | 198,686 | $ | 169,558 | |||||||
Fixed charges and preferred dividends: | |||||||||||||||
Interest expense | $ | 43,585 | $ | 38,481 | $ | 84,490 | $ | 75,065 | |||||||
Capitalized interest | 488 | 2,207 | 1,283 | 4,227 | |||||||||||
Total fixed charges (B) | $ | 44,073 | $ | 40,688 | $ | 85,773 | $ | 79,292 | |||||||
Preferred dividends, including redemption costs | 922 | 922 | 1,844 | 1,844 | |||||||||||
Total fixed charges and preferred dividends (C) | $ | 44,995 | $ | 41,610 | $ | 87,617 | $ | 81,136 | |||||||
Ratio of Earnings to Fixed Charges (A/B) | 2.4 x | 2.2 x | 2.3 x | 2.1 x | |||||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends (A/C) | 2.4 x | 2.1 x | 2.3 x | 2.1 x |