Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(48,316 |
) |
|
$ |
16,839 |
|
|
$ |
(40,220 |
) |
|
$ |
27,826 |
|
Gain on sales of real estate, net |
— |
|
|
(1 |
) |
|
— |
|
|
3,985 |
|
Preferred share dividends |
(3,553 |
) |
|
(3,553 |
) |
|
(7,105 |
) |
|
(7,105 |
) |
Loss (income) from continuing operations attributable to noncontrolling interests |
897 |
|
|
(1,436 |
) |
|
(373 |
) |
|
(2,828 |
) |
Income from continuing operations attributable to share-based compensation awards |
(96 |
) |
|
(113 |
) |
|
(214 |
) |
|
(235 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
(51,068 |
) |
|
$ |
11,736 |
|
|
$ |
(47,912 |
) |
|
$ |
21,643 |
|
Discontinued operations |
— |
|
|
394 |
|
|
— |
|
|
156 |
|
Discontinued operations attributable to noncontrolling interests |
— |
|
|
(15 |
) |
|
— |
|
|
(3 |
) |
Numerator for basic and diluted EPS on net income attributable to COPT common shareholders |
$ |
(51,068 |
) |
|
$ |
12,115 |
|
|
$ |
(47,912 |
) |
|
$ |
21,796 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
94,300 |
|
|
94,128 |
|
|
94,251 |
|
|
93,666 |
|
Dilutive effect of share-based compensation awards |
— |
|
|
35 |
|
|
— |
|
|
114 |
|
Denominator for diluted EPS (common shares) |
94,300 |
|
|
94,163 |
|
|
94,251 |
|
|
93,780 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPT common shareholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPT common shareholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
|
| 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 June 30, |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Conversion of common units |
3,676 |
|
|
3,680 |
|
|
3,676 |
|
|
3,706 |
|
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Shares |
434 |
|
|
434 |
|
|
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 June 30, |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(48,316 |
) |
|
$ |
16,839 |
|
|
$ |
(40,220 |
) |
|
$ |
27,826 |
|
Gain on sales of real estate, net |
— |
|
|
(1 |
) |
|
— |
|
|
3,985 |
|
Preferred unit distributions |
(3,718 |
) |
|
(3,718 |
) |
|
(7,435 |
) |
|
(7,435 |
) |
Income from continuing operations attributable to noncontrolling interests |
(911 |
) |
|
(812 |
) |
|
(1,890 |
) |
|
(1,633 |
) |
Income from continuing operations attributable to share-based compensation awards |
(96 |
) |
|
(113 |
) |
|
(214 |
) |
|
(235 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
(53,041 |
) |
|
$ |
12,195 |
|
|
$ |
(49,759 |
) |
|
$ |
22,508 |
|
Discontinued operations |
— |
|
|
394 |
|
|
— |
|
|
156 |
|
Discontinued operations attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
3 |
|
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
(53,041 |
) |
|
$ |
12,589 |
|
|
$ |
(49,759 |
) |
|
$ |
22,667 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
97,976 |
|
|
97,808 |
|
|
97,927 |
|
|
97,372 |
|
Dilutive effect of share-based compensation awards |
— |
|
|
35 |
|
|
— |
|
|
114 |
|
Denominator for diluted EPU (common units) |
97,976 |
|
|
97,843 |
|
|
97,927 |
|
|
97,486 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPLP common unitholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPLP common unitholders |
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.51 |
) |
|
$ |
0.23 |
|
|
| 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 June 30, |
|
For the Six Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|