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.

During the three months ended March 31, 2026, MAA repurchased 0.6 million shares of its common stock at a weighted average share price of $130.46 per share for total consideration of $72.8 million under its share repurchase program.

For the three months ended March 31, 2026 and 2025, 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 March 31,
	2026			2025
Calculation of Earnings per common share - basic
Net income	$	126,611		$	186,406
Net income attributable to noncontrolling interests		(2,252	)		(4,733	)
Unvested restricted shares (allocation of earnings)		(71	)		(96	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)
Net income available for MAA common shareholders, adjusted	$	123,366		$	180,655

Weighted average common shares - basic		116,622			116,840
Earnings per common share - basic	$	1.06		$	1.55

Calculation of Earnings per common share - diluted
Net income	$	126,611		$	186,406
Net income attributable to noncontrolling interests (1)		(2,252	)		(4,733	)
Dividends to MAA Series I preferred shareholders		(922	)		(922	)
Net income available for MAA common shareholders, adjusted	$	123,437		$	180,751

Weighted average common shares - basic		116,622			116,840
Effect of dilutive securities		118			252
Weighted average common shares - diluted		116,740			117,092
Earnings per common share - diluted	$	1.06		$	1.54

(1)

For the three months ended March 31, 2026 and 2025, 2.9 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.