| Schedule of Computation of Earnings Per Share |
For the three and six months ended June 30, 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):
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Calculation of Earnings per common share - basic |
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Net income |
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$ |
124,818 |
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$ |
110,875 |
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$ |
251,429 |
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$ |
297,281 |
|
Net income attributable to noncontrolling interests |
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(3,068 |
) |
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(2,748 |
) |
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(5,320 |
) |
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(7,481 |
) |
Unvested restricted shares (allocation of earnings) |
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(88 |
) |
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(59 |
) |
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(160 |
) |
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(156 |
) |
Dividends to MAA Series I preferred shareholders |
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(922 |
) |
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(922 |
) |
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(1,844 |
) |
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(1,844 |
) |
Net income available for MAA common shareholders, adjusted |
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$ |
120,740 |
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$ |
107,146 |
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$ |
244,105 |
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$ |
287,800 |
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Weighted average common shares - basic |
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116,079 |
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116,976 |
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116,349 |
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116,908 |
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Earnings per common share - basic |
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$ |
1.04 |
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$ |
0.92 |
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$ |
2.10 |
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$ |
2.46 |
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Calculation of Earnings per common share - diluted |
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Net income |
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$ |
124,818 |
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$ |
110,875 |
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$ |
251,429 |
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$ |
297,281 |
|
Net income attributable to noncontrolling interests (1) |
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(3,068 |
) |
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(2,748 |
) |
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(5,320 |
) |
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(7,481 |
) |
Dividends to MAA Series I preferred shareholders |
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(922 |
) |
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(922 |
) |
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(1,844 |
) |
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(1,844 |
) |
Net income available for MAA common shareholders, adjusted |
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$ |
120,828 |
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$ |
107,205 |
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$ |
244,265 |
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$ |
287,956 |
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Weighted average common shares - basic |
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116,079 |
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116,976 |
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116,349 |
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116,908 |
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Effect of dilutive securities |
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65 |
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187 |
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|
96 |
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|
241 |
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Weighted average common shares - diluted |
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116,144 |
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117,163 |
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116,445 |
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|
117,149 |
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Earnings per common share - diluted |
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$ |
1.04 |
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$ |
0.92 |
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$ |
2.10 |
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$ |
2.46 |
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(1)For the three and six months ended June 30, 2026 and 2025, 2.9 million OP Units and 3.0 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.
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