| Summary of calculation of numerator and denominator in basic and diluted earning per share |
Summaries of the numerator and denominator for purposes of basic and diluted EPS calculations are set forth below (in thousands, except per share data):
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2012 |
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2011 |
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2012 |
|
2011 |
Numerator: |
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(Loss) income from continuing operations |
$ |
(31,816 |
) |
|
$ |
1,962 |
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$ |
(12,160 |
) |
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$ |
(21,722 |
) |
Gain on sales of real estate, net |
— |
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— |
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|
21 |
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|
2,728 |
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Preferred share dividends |
(6,546 |
) |
|
(4,025 |
) |
|
(14,738 |
) |
|
(12,076 |
) |
Issuance costs associated with redeemed preferred shares |
(1,827 |
) |
|
— |
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|
(1,827 |
) |
|
— |
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Loss (income) from continuing operations attributable to noncontrolling interests |
1,616 |
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|
(581 |
) |
|
124 |
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|
540 |
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Income from continuing operations attributable to restricted shares |
(111 |
) |
|
(262 |
) |
|
(357 |
) |
|
(781 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
(38,684 |
) |
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(2,906 |
) |
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(28,937 |
) |
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(31,311 |
) |
Dilutive effect of common units in the Operating Partnership on diluted EPS from continuing operations |
— |
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— |
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— |
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(2,025 |
) |
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
(38,684 |
) |
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$ |
(2,906 |
) |
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$ |
(28,937 |
) |
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$ |
(33,336 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
$ |
(38,684 |
) |
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$ |
(2,906 |
) |
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$ |
(28,937 |
) |
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$ |
(31,311 |
) |
Discontinued operations |
11,051 |
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|
5,508 |
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10,212 |
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(18,109 |
) |
Discontinued operations attributable to noncontrolling interests |
(623 |
) |
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(323 |
) |
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(538 |
) |
|
1,115 |
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Numerator for basic EPS on net (loss) income attributable to COPT common shareholders |
(28,256 |
) |
|
2,279 |
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(19,263 |
) |
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(48,305 |
) |
Dilutive effect of common units in the Operating Partnership |
— |
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— |
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— |
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(3,188 |
) |
Numerator for diluted EPS on net (loss) income attributable to COPT common shareholders |
$ |
(28,256 |
) |
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$ |
2,279 |
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$ |
(19,263 |
) |
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$ |
(51,493 |
) |
Denominator (all weighted averages): |
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Denominator for basic EPS (common shares) |
71,688 |
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71,312 |
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71,590 |
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68,718 |
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Dilutive effect of common units |
— |
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— |
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— |
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4,371 |
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Denominator for basic and diluted EPS |
71,688 |
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71,312 |
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71,590 |
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73,089 |
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Basic EPS: |
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Loss from continuing operations attributable to COPT common shareholders |
$ |
(0.54 |
) |
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$ |
(0.04 |
) |
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$ |
(0.40 |
) |
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$ |
(0.46 |
) |
Discontinued operations attributable to COPT common shareholders |
0.15 |
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0.07 |
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0.13 |
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(0.24 |
) |
Net (loss) income attributable to COPT common shareholders |
$ |
(0.39 |
) |
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$ |
0.03 |
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$ |
(0.27 |
) |
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$ |
(0.70 |
) |
Diluted EPS: |
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Loss from continuing operations attributable to COPT common shareholders |
$ |
(0.54 |
) |
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$ |
(0.04 |
) |
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$ |
(0.40 |
) |
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$ |
(0.46 |
) |
Discontinued operations attributable to COPT common shareholders |
0.15 |
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0.07 |
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0.13 |
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(0.24 |
) |
Net (loss) income attributable to COPT common shareholders |
$ |
(0.39 |
) |
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$ |
0.03 |
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$ |
(0.27 |
) |
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$ |
(0.70 |
) |
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