Mid-America Apartment Communities, Inc. Financial Ratios — M2K

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	7.87	12.82	5.96	5.06	11.27	4.5	5.09	3.5	5.72	4.2	8.92	10.54	9.05	8.67	7.61
Return on Assets (%)	2.07	3.98	2.4	2.17	4.86	2.3	2.84	1.95	3.14	2.27	4.75	5.66	4.87	4.53	3.76
Return on Capital (%)	4.57	6.26	4.08	3.96	6.55	3.59	4.13	3.51	4.79	3.84	6.27	- -	6.37	6.18	5.54
Return on Invested Capital (%)	3.9	4.85	2.48	3.43	4.35	2.95	3.1	3.52	3.95	3.94	4.25	- -	6.26	5.83	5.4
Gross Margin (%)	26.9	29.26	27.03	26.71	30.36	30.65	27.14	27.96	29.03	28.27	29.12	34.05	34.79	32.55	30.52
EBITDA Margin (%)	50.79	53.81	48.31	53.61	56.18	52.91	55.55	56.16	56.69	55.97	56.2	58.07	58.4	56.74	56.24
Operating Margin (%)	22.48	26.37	24.58	24.61	27.9	28.07	24.51	25.49	26.35	25.48	26.14	31.13	32.06	29.97	28.04
Incremental Operating Margin (%)	14.63	50.48	19.26	24.64	92.65	30.27	14.58	60.78	45.88	- -	37.32	67.83	46.67	- -	- -
Pretax Margin (%)	7.33	13.08	6.02	14.81	33.8	20.07	22.35	14.75	22.47	15.84	31.67	32.03	26.57	24.87	20.78
Profit Margin (%)	11.91	22.11	18.14	14.91	31.87	18.86	21.48	14.19	21.56	15.19	30.02	31.56	25.73	24.08	20.23
Net Income to Common Margin (%)	11.91	22.11	18.14	14.91	31.87	18.83	21.24	13.95	21.34	14.97	29.81	31.38	25.56	23.91	20.06
Effective Tax Rate (%)	2.42	1.29	2.33	1.39	0.47	0.75	0.77	1.13	1	1.25	2.42	- -	0.83	0.96	1
Dvd Payout Ratio (%)	295.8	163.74	337.48	137.62	62.86	105.08	113.26	178.31	116.5	169.78	83.42	80.73	112.53	124.46	153.29
Sustainable Growth Rate (%)	-15.41	-8.17	-14.15	-1.9	4.19	-0.23	-0.67	-2.74	-0.94	-2.93	1.48	2.03	-1.13	-2.12	-4.06

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	1,650	1,697	3,473	3,572	3,503	4,990	4,502	4,528	4,455	4,563	4,517	4,444	4,568	5,007	5,430
ST Debt	- -	23	- -	59	75	490	410	540	70	172	- -	20	495	250	676
LT Debt	1,650	1,674	3,473	3,513	3,428	4,500	4,092	3,988	4,385	4,391	4,517	4,424	4,073	4,757	4,754
Total Debt/EBITDA	7.93	6.63	11.31	6.71	5.98	8.38	5.3	5.13	4.79	4.86	4.52	3.79	3.64	4.03	4.37
Net Debt/EBITDA	7.65	6.59	11.02	6.66	5.91	8.32	5.29	5.09	4.77	4.83	4.47	3.73	3.59	3.97	4.3
Total Debt/EBIT	18.58	13.69	29.6	15.51	12.04	18.33	12.69	11.57	10.3	10.67	9.72	7.07	6.63	7.62	8.77
Net Debt/EBIT	17.93	13.62	28.84	15.4	11.91	18.21	12.66	11.48	10.25	10.61	9.6	6.96	6.53	7.52	8.63
EBITDA to Interest Expense	3.69	4.42	3.89	4.29	4.79	4.58	5.49	5.08	5.17	5.61	6.37	7.58	8.41	7.38	6.71
EBITDA-CapEx/Interest Expense	-2.97	4.42	3.89	4.29	4.79	4.58	5.49	5.08	5.17	5.61	6.37	7.58	8.41	7.38	6.71
EBIT to Interest Expense	1.63	2.17	1.98	1.97	2.38	2.43	2.42	2.31	2.4	2.55	2.96	4.06	4.62	3.9	3.34
Interest Expense	56	58	79	124	122	130	155	174	180	168	157	155	149	169	185
Common Equity/Total Assets	28.55	33.4	43.14	42.46	43.81	55.27	55.26	54.39	54.16	52.59	53.13	53.6	53.23	50.49	47.46
Long-Term Debt/Equity (%)	220.7	176.23	111.36	114.88	108.26	67.64	62.15	62.5	69.56	71.93	73.04	71.23	64.65	77.38	81.4
Long-Term Debt/Capital (%)	68.82	63.24	52.69	52.99	51.4	38.65	36.91	36.56	40.76	41.16	42.21	41.52	37.48	42.65	42.18
Long-Term Debt/Total Assets (%)	65.2	60.84	50.76	51.49	50.05	38.78	35.61	35.22	39.04	39.22	40.02	39.35	35.46	40.27	39.7
Total Debt/Equity (%)	220.7	178.65	111.36	116.81	110.63	75.01	68.38	70.96	70.67	74.75	73.04	71.55	72.51	81.45	92.98
Total Debt/Capital (%)	68.82	64.11	52.69	53.88	52.52	42.86	40.61	41.51	41.41	42.78	42.21	41.71	42.03	44.89	48.18
Total Debt/Total Assets (%)	65.2	61.68	50.76	52.36	51.15	43	39.18	39.99	39.67	40.76	40.02	39.53	39.77	42.39	45.34
Net Debt to Equity	213.04	177.69	108.49	115.94	109.44	74.5	68.21	70.42	70.34	74.34	72.16	70.47	71.42	80.32	91.53
Net Debt/Capital (%)	68.05	63.99	52.04	53.69	52.25	42.69	40.55	41.32	41.29	42.64	41.91	41.23	41.56	44.44	47.69
EBITDA	208	256	307	532	586	595	849	882	930	939	999	1,173	1,255	1,243	1,242
EBITDA-CapEx	-167	256	307	532	586	595	849	882	930	939	999	1,173	1,255	1,243	1,242
Operating Income (Loss)	92	125	156	244	291	316	375	401	432	428	465	629	689	657	619

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.61	0.09	0.4	0.12	0.16	0.07	0.01	0.04	0.04	0.04	0.09	0.07	0.04	0.05	0.05
Current Ratio	0.63	0.1	0.78	0.24	0.27	0.27	0.12	0.05	0.13	0.05	0.22	0.11	0.05	0.08	0.09
Quick Ratio	0.61	0.09	0.4	0.12	0.16	0.07	0.01	0.04	0.04	0.04	0.09	0.07	0.04	0.05	0.05
CFO/Avg Current Liab	2.03	2.18	1.61	1.72	2.02	1.42	1.04	0.83	1.04	1.33	1.39	1.85	1.4	1.15	0.98
Common Equity/Total Assets	28.55	33.4	43.14	42.46	43.81	55.27	55.26	54.39	54.16	52.59	53.13	53.6	53.23	50.49	47.46
Long-Term Debt/Equity (%)	220.7	176.23	111.36	114.88	108.26	67.64	62.15	62.5	69.56	71.93	73.04	71.23	64.65	77.38	81.4
Long-Term Debt/Capital (%)	68.82	63.24	52.69	52.99	51.4	38.65	36.91	36.56	40.76	41.16	42.21	41.52	37.48	42.65	42.18
Long-Term Debt/Total Assets (%)	65.2	60.84	50.76	51.49	50.05	38.78	35.61	35.22	39.04	39.22	40.02	39.35	35.46	40.27	39.7
Total Debt/Equity (%)	220.7	178.65	111.36	116.81	110.63	75.01	68.38	70.96	70.67	74.75	73.04	71.55	72.51	81.45	92.98
Total Debt/Capital (%)	68.82	64.11	52.69	53.88	52.52	42.86	40.61	41.51	41.41	42.78	42.21	41.71	42.03	44.89	48.18
Total Debt/Total Assets (%)	65.2	61.68	50.76	52.36	51.15	43	39.18	39.99	39.67	40.76	40.02	39.53	39.77	42.39	45.34
CFO/Total Liabilities	9.66	11.71	6.94	10.24	12.6	9.79	13.46	14.86	15.86	16.18	17.54	21.04	21.93	19.39	17.57
CFO/CapEx	0.46	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	0.89	0.77	1	1.27	1.4	1.47	1.37	1.91	1.73	3.19	2.35	1.97	2	1.62

Working Capital (USD)

Working Capital Ratios API ChatGPT

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Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	2,729	4,626	5,730	6,956	10,976	11,461	10,937	14,973	14,353	26,394	18,301	15,973	17,759	16,275
- Cash & Cash Equivalents	57	9	89	27	38	34	11	34	20	25	54	39	41	43	60
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	25	31	167	161	166	238	234	222	221	217	189	185	186	183	156
+ Total Debt	1,650	1,697	3,473	3,572	3,503	4,990	4,502	4,528	4,455	4,563	4,517	4,444	4,568	5,007	5,430
Enterprise Value	- -	4,448	8,176	9,436	10,587	16,170	16,186	15,654	19,629	19,107	31,045	22,890	20,685	22,906	21,801
Total Capital	2,397	2,647	6,591	6,629	6,669	11,642	11,086	10,910	10,758	10,667	10,701	10,654	10,867	11,155	11,269
Total Debt/Capital (%)	68.82	64.11	52.69	53.88	52.52	42.86	40.61	41.51	41.41	42.78	42.21	41.71	42.03	44.89	48.18
Total Debt / EV	- -	0.38	0.42	0.38	0.33	0.31	0.28	0.29	0.23	0.24	0.15	0.19	0.22	0.22	0.25
EV/Sales	- -	9.35	12.87	9.51	10.15	14.37	10.59	9.96	11.96	11.39	17.46	11.33	9.63	10.45	9.87
EV/EBITDA	- -	17.37	26.63	17.74	18.07	27.16	19.06	17.74	21.1	20.34	31.07	19.52	16.49	18.43	17.55
EV/EBIT	- -	35.9	69.68	40.99	36.39	59.42	45.62	39.99	45.39	44.69	66.78	36.4	30.03	34.88	35.19
EV/Cash Flow to Firm	- -	16.59	24.37	18.59	18.08	26.34	19.88	17.28	20.46	19.31	29.62	- -	16.1	18.1	17.28
EV/Free Cash Flow to Firm	- -	16.59	24.37	18.59	18.08	26.34	19.88	17.28	20.46	19.31	29.62	- -	16.1	18.1	17.28
Diluted Market Cap	- -	2,769	3,283	5,708	6,935	7,619	11,465	10,937	14,956	14,369	26,326	18,317	15,966	17,742	16,313
Diluted Enterprise Value	- -	4,488	6,834	9,414	10,565	12,813	16,190	15,653	19,611	19,123	30,977	22,907	20,679	22,890	21,839
EV per Share	- -	105.11	109.26	125.37	140.39	142.45	142.43	137.5	171.81	167.06	269.17	198.22	177.26	195.97	186.53
TTM Sales	410	476	635	992	1,043	1,125	1,529	1,571	1,641	1,678	1,778	2,020	2,148	2,191	2,209
TTM EBITDA	208	256	307	532	586	595	849	882	930	939	999	1,173	1,255	1,243	1,242
TTM Operating Income	92	125	156	244	291	316	375	401	432	428	465	629	689	657	619
TTM Cash Flow to Firm	227	268	336	508	585	614	814	906	959	989	1,048	- -	1,285	1,265	1,262
TTM Free Cash Flow to Firm	-148	268	336	508	585	614	814	906	959	989	1,048	- -	1,285	1,265	1,262

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	13.12	12.71	14.81	14.95	15.71	17.35	14.89	19.14	17.44	29.42	17.3	14.04	16.15	15.13
EV/EBIT	- -	35.9	69.68	40.99	36.39	59.42	45.62	39.99	45.39	44.69	66.78	36.4	30.03	34.88	35.19
Enterprise Value	- -	4,448	8,176	9,436	10,587	16,170	16,186	15,654	19,629	19,107	31,045	22,890	20,685	22,906	21,801
Low Price	- -	60.85	60.82	60.86	71.1	84.7	93.78	85.14	91.99	84.75	123.02	142	116.3	122.11	126.28
EV/Sales	- -	9.35	12.87	9.51	10.15	14.37	10.59	9.96	11.96	11.39	17.46	11.33	9.63	10.45	9.87
EV/EBITDA	- -	17.37	26.63	17.74	18.07	27.16	19.06	17.74	21.1	20.34	31.07	19.52	16.49	18.43	17.55
Price/Earnings	- -	25.15	27.17	38.57	20.87	35.82	35.22	49.8	42.62	57.03	49.52	28.84	29.05	33.87	36.74
Price/Earnings Average	- -	24.71	29.85	35.37	18.13	35.68	35.85	49.86	38.59	54.96	37.53	32.97	30.94	31.97	39.07
Price/Earnings High	- -	25.53	32.67	38.65	20.9	40.61	38.54	54.19	45.87	67.55	49.62	41.97	37.3	37.38	45.55
Price/Earnings Low	- -	23.73	26.73	30.84	16.09	31.38	32.75	44.14	29.91	38.52	26.62	25.84	24.68	27.22	33.32
Price/Book Value	- -	2.97	1.57	1.98	2.32	1.71	1.8	1.78	2.46	2.44	4.4	3.04	2.61	2.98	2.86
Price/Book Value Average	- -	2.92	1.72	1.81	2.01	1.7	1.84	1.78	2.23	2.35	3.34	3.47	2.78	2.81	3.04
Price/Book Value High	- -	3.02	1.88	1.98	2.32	1.94	1.97	1.93	2.65	2.89	4.41	4.42	3.36	3.29	3.55
Price/Book Value Low	- -	2.8	1.54	1.58	1.79	1.5	1.68	1.57	1.73	1.65	2.37	2.72	2.22	2.39	2.6
Price/Tangible Book Value	- -	2.99	1.6	1.99	2.32	1.72	1.81	1.78	2.46	2.44	4.4	3.04	2.61	2.98	2.86
Price/Tangible Book Value Average	- -	2.94	1.75	1.82	2.02	1.72	1.84	1.78	2.23	2.35	3.34	3.47	2.78	2.81	3.04
Price/Tangible Book Value High	- -	3.03	1.92	1.99	2.33	1.95	1.98	1.93	2.65	2.89	4.41	4.42	3.36	3.29	3.55
Price/Tangible Book Value Low	- -	2.82	1.57	1.59	1.79	1.51	1.68	1.57	1.73	1.65	2.37	2.72	2.22	2.39	2.6
Price/Sales	- -	5.56	4.93	5.75	6.65	6.74	7.48	6.95	9.09	8.54	14.76	9.05	7.42	8.1	7.37
Price/Sales Average	- -	5.46	5.41	5.27	5.78	6.72	7.61	6.96	8.23	8.23	11.19	10.34	7.91	7.64	7.84
Price/Sales High	- -	5.65	5.93	5.76	6.66	7.65	8.19	7.56	9.79	10.12	14.79	13.17	9.53	8.94	9.14
Price/Sales Low	- -	5.25	4.85	4.6	5.13	5.91	6.96	6.16	6.38	5.77	7.94	8.11	6.31	6.51	6.69
Price/Cash Flow	- -	12.54	12.12	14.81	14.95	15.65	17.31	14.87	19.1	17.39	29.33	17.27	14.03	16.15	15.1
Price/Cash Flow Average	- -	12.33	13.32	13.58	12.99	15.59	17.62	14.89	17.29	16.76	22.23	19.74	14.94	15.25	16.06
Price/Cash Flow High	- -	12.73	14.58	14.84	14.98	17.74	18.94	16.18	20.55	20.6	29.39	25.13	18.01	17.83	18.72
Price/Cash Flow Low	- -	11.84	11.93	11.84	11.53	13.71	16.09	13.18	13.4	11.75	15.77	15.47	11.92	12.98	13.7
Price/Free Cash Flow Average	- -	12.9	13.96	13.58	12.99	15.65	17.66	14.91	17.33	16.81	22.29	19.78	14.95	15.25	16.09
Price/Free Cash Flow High	- -	13.32	15.28	14.84	14.98	17.81	18.99	16.21	20.6	20.66	29.48	25.18	18.03	17.83	18.76
Price/Free Cash Flow Low	- -	12.38	12.5	11.84	11.53	13.76	16.13	13.2	13.43	11.78	15.81	15.51	11.93	12.98	13.72
EV/Sales Average	- -	9.25	13.58	9.03	9.28	14.33	10.72	9.97	11.1	11.08	13.86	12.63	10.11	10	10.33
EV/Sales High	- -	9.43	14.34	9.52	10.16	15.67	11.29	10.58	12.66	12.97	17.49	15.46	11.74	11.29	11.63
EV/Sales Low	- -	9.02	12.75	8.35	8.62	13.16	10.06	9.17	9.24	8.61	10.6	10.39	8.51	8.86	9.18
EV/EBITDA Average	- -	17.18	28.11	16.84	16.51	27.09	19.3	17.75	19.58	19.79	24.67	21.75	17.31	17.62	18.38
EV/EBITDA High	- -	17.53	29.68	17.76	18.09	29.62	20.33	18.83	22.33	23.17	31.12	26.62	20.1	19.91	20.69
EV/EBITDA Low	- -	16.77	26.39	15.58	15.35	24.87	18.11	16.33	16.3	15.38	18.85	17.89	14.57	15.62	16.33
EV/EBIT Average	- -	35.51	73.57	38.92	33.26	59.26	46.2	40.03	42.11	43.48	53.03	40.56	31.54	33.36	36.86
EV/EBIT High	- -	36.23	77.65	41.03	36.43	64.81	48.67	42.46	48.02	50.89	66.9	49.64	36.61	37.68	41.49
EV/EBIT Low	- -	34.65	69.05	35.99	30.91	54.42	43.36	36.81	35.06	33.8	40.53	33.37	26.54	29.57	32.75
Last Price	- -	64.49	61.82	76.13	92.25	96.69	100.85	96.07	131.06	125.49	228.84	158.48	136.88	151.94	139.25
High Price	- -	65.46	74.31	76.27	92.4	109.61	110.36	104.54	141.05	148.65	229.31	230.59	175.76	167.69	172.62
Enterprise Value Average	- -	4,400	8,631	8,961	9,674	16,128	16,390	15,667	18,213	18,587	24,651	25,508	21,726	21,909	22,830
Enterprise Value High	- -	4,489	9,111	9,447	10,598	17,638	17,267	16,618	20,769	21,756	31,099	31,218	25,222	24,747	25,701
Enterprise Value Low	- -	4,294	8,101	8,287	8,992	14,809	15,382	14,409	15,164	14,448	18,839	20,987	18,284	19,420	20,285

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	39	42	75	75	75	114	114	114	114	114	115	115	117	117	117
Diluted Weighted Avg Shares	39	43	53	75	75	79	114	114	114	114	115	116	117	117	117
Basic Weighted Avg Shares	37	41	51	75	75	79	113	114	114	114	115	115	117	117	117
Revenue per Share	11.08	11.6	12.54	13.23	13.87	14.34	13.48	13.83	14.41	14.69	15.5	17.51	18.44	18.76	18.89
EBITDA per Share	5.63	6.24	6.06	7.09	7.79	7.58	7.49	7.76	8.17	8.22	8.71	10.17	10.77	10.65	10.62
Operating Income per Share	2.49	3.06	3.08	3.26	3.87	4.02	3.3	3.52	3.8	3.74	4.05	5.45	5.91	5.62	5.3
Basic EPS, GAAP	1.32	2.56	2.27	1.97	4.42	2.7	2.86	1.93	3.08	2.2	4.62	5.49	4.71	4.49	3.79
Basic EPS from Cont Ops	0.78	1.49	0.74	2.01	4.67	2.86	3	2.03	3.22	2.31	4.8	5.68	4.87	4.64	3.9
Diluted EPS, GAAP	1.25	2.45	2.17	1.97	4.42	2.69	2.86	1.93	3.07	2.19	4.61	5.48	4.71	4.49	3.78
Diluted EPS from Cont Ops	0.73	1.43	0.71	2.01	4.67	2.85	3	2.03	3.21	2.31	4.79	5.67	4.87	4.64	3.9
Dividend per Share	2.49	2.63	2.78	2.92	3.09	3.17	3.52	3.73	3.88	4.04	4.13	4.71	5.62	5.91	6.09
Cash Flow per Share	4.66	5.14	5.1	5.14	6.17	6.18	5.83	6.46	6.86	7.22	7.8	9.18	9.76	9.41	9.22
Free Cash Flow per Basic Share	-5.49	5.14	5.1	5.14	6.17	6.18	5.83	6.46	6.86	7.22	7.8	9.18	9.76	9.41	9.22
Cash & Equivalents per Share	1.47	0.21	1.19	0.35	0.5	0.3	0.09	0.3	0.18	0.22	0.47	0.33	0.35	0.37	0.52
Book Value per Share	18.54	21.71	39.45	38.48	39.79	56.5	55.88	54.1	53.24	51.47	51.98	52.18	52.39	51.03	48.63
Tangible Book Value per Share	18.39	21.58	38.72	38.34	39.69	56.13	55.82	54.07	53.22	51.46	51.97	52.18	52.39	51.03	48.63