Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Earnings Per Share [Line Items] |
|
| Summary of calculation of numerator and denominator in basic and diluted earnings 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):
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
2016 |
|
2015 |
Numerator: |
|
|
|
Income from continuing operations |
$ |
8,096 |
|
|
$ |
10,987 |
|
Gain on sales of real estate, net |
— |
|
|
3,986 |
|
Preferred share dividends |
(3,552 |
) |
|
(3,552 |
) |
Income from continuing operations attributable to noncontrolling interests |
(1,270 |
) |
|
(1,392 |
) |
Income from continuing operations attributable to share-based compensation awards |
(118 |
) |
|
(122 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
3,156 |
|
|
$ |
9,907 |
|
Discontinued operations |
— |
|
|
(238 |
) |
Discontinued operations attributable to noncontrolling interests |
— |
|
|
12 |
|
Numerator for basic and diluted EPS on net income attributable to COPT common shareholders |
$ |
3,156 |
|
|
$ |
9,681 |
|
Denominator (all weighted averages): |
|
|
|
Denominator for basic EPS (common shares) |
94,203 |
|
|
93,199 |
|
Dilutive effect of share-based compensation awards |
95 |
|
|
198 |
|
Denominator for diluted EPS (common shares) |
94,298 |
|
|
93,397 |
|
Basic EPS: |
|
|
|
Income from continuing operations attributable to COPT common shareholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
Net income attributable to COPT common shareholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
Diluted EPS: |
|
|
|
Income from continuing operations attributable to COPT common shareholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
Net income attributable to COPT common shareholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
|
| Schedule of securities excluded from computation of diluted earnings per share |
Our diluted EPS computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPS for the respective periods (in thousands):
|
|
|
|
|
|
|
|
|
Weighted Average Shares Excluded from Denominator |
|
|
For the Three Months Ended March 31, |
|
|
2016 |
|
2015 |
Conversion of common units |
|
3,677 |
|
|
3,732 |
|
Conversion of Series I Preferred Units |
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Shares |
|
434 |
|
|
434 |
|
|
| Corporate Office Properties, L.P. |
|
| Earnings Per Share [Line Items] |
|
| Summary of calculation of numerator and denominator in basic and diluted earnings per share |
Summaries of the numerator and denominator for purposes of basic and diluted EPU calculations are set forth below (in thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
2016 |
|
2015 |
Numerator: |
|
|
|
Income from continuing operations |
$ |
8,096 |
|
|
$ |
10,987 |
|
Gain on sales of real estate, net |
— |
|
|
3,986 |
|
Preferred unit distributions |
(3,717 |
) |
|
(3,717 |
) |
Income from continuing operations attributable to noncontrolling interests |
(979 |
) |
|
(821 |
) |
Income from continuing operations attributable to share-based compensation awards |
(118 |
) |
|
(122 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
3,282 |
|
|
$ |
10,313 |
|
Discontinued operations |
— |
|
|
(238 |
) |
Discontinued operations attributable to noncontrolling interests |
— |
|
|
3 |
|
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
3,282 |
|
|
$ |
10,078 |
|
Denominator (all weighted averages): |
|
|
|
Denominator for basic EPU (common units) |
97,880 |
|
|
96,931 |
|
Dilutive effect of share-based compensation awards |
95 |
|
|
198 |
|
Denominator for diluted EPU (common units) |
97,975 |
|
|
97,129 |
|
Basic EPU: |
|
|
|
Income from continuing operations attributable to COPLP common unitholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
Net income attributable to COPLP common unitholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
Diluted EPU: |
|
|
|
Income from continuing operations attributable to COPLP common unitholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
Net income attributable to COPLP common unitholders |
$ |
0.03 |
|
|
$ |
0.10 |
|
|
| Schedule of securities excluded from computation of diluted earnings per share |
Our diluted EPU computations do not include the effects of the following securities since the conversions of such securities would increase diluted EPU for the respective periods (in thousands):
|
|
|
|
|
|
|
|
|
Weighted Average Units Excluded from Denominator |
|
|
For the Three Months Ended March 31, |
|
|
2016 |
|
2015 |
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
|
434 |
|
|
434 |
|
|