MID AMERICA APARTMENT COMMUNITIES INC. Earnings Per Share Disclosure
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 and twelve months ended December 31, 2025, MAA repurchased 0.2 million shares of its common stock at an average price of $131.61 per share for total consideration of $27.2 million under its share repurchase program.
For the years ended December 31, 2025 and 2023, MAA’s diluted earnings per share was computed using the treasury stock method, and for the year ended December 31, 2024, MAA’s diluted earnings per share was computed using the two-class method, as presented below (dollars and shares in thousands, except per share amounts):
Calculation of Earnings per common share - basic |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|||
Net income |
|
$ |
456,566 |
|
|
$ |
541,576 |
|
|
$ |
567,831 |
|
|
Net income attributable to noncontrolling interests |
|
|
(9,657 |
) |
|
|
(14,033 |
) |
|
|
(15,025 |
) |
|
Unvested restricted shares (allocation of earnings) |
|
|
(237 |
) |
|
|
(75 |
) |
|
|
(224 |
) |
|
Dividends to MAA Series I preferred shareholders |
|
|
(3,688 |
) |
|
|
(3,688 |
) |
|
|
(3,688 |
) |
|
Net income available for MAA common shareholders, adjusted |
|
$ |
442,984 |
|
|
$ |
523,780 |
|
|
$ |
548,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted average common shares - basic |
|
|
116,954 |
|
|
|
116,776 |
|
|
|
116,521 |
|
|
Earnings per common share - basic |
|
$ |
3.79 |
|
|
$ |
4.49 |
|
|
$ |
4.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Calculation of Earnings per common share - diluted |
|
|
|
|
|
|
|
|
|
|
|||
Net income |
|
$ |
456,566 |
|
|
$ |
541,576 |
|
|
$ |
567,831 |
|
|
Net income attributable to noncontrolling interests (1) |
|
|
(9,657 |
) |
|
|
(14,033 |
) |
|
|
(15,025 |
) |
|
Unvested restricted shares (allocation of earnings) |
|
|
— |
|
|
|
(75 |
) |
|
|
— |
|
|
Dividends to MAA Series I preferred shareholders |
|
|
(3,688 |
) |
|
|
(3,688 |
) |
|
|
(3,688 |
) |
|
Net income available for MAA common shareholders, adjusted |
|
$ |
443,221 |
|
|
$ |
523,780 |
|
|
$ |
549,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted average common shares - basic |
|
|
116,954 |
|
|
|
116,776 |
|
|
|
116,521 |
|
|
Effect of dilutive securities |
|
|
195 |
|
|
|
— |
|
|
|
124 |
|
|
Weighted average common shares - diluted |
|
|
117,149 |
|
|
|
116,776 |
|
|
|
116,645 |
|
|
Earnings per common share - diluted |
|
$ |
3.78 |
|
|
$ |
4.49 |
|
|
$ |
4.71 |
|
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.