| 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 Years Ended December 31, |
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2012 |
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2011 |
|
2010 |
Numerator: |
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|
Income (loss) from continuing operations |
|
$ |
6,643 |
|
|
$ |
(81,904 |
) |
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$ |
25,621 |
|
Gain on sales of real estate, net |
|
21 |
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|
2,732 |
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|
2,829 |
|
Preferred share dividends |
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(20,844 |
) |
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(16,102 |
) |
|
(16,102 |
) |
Issuance costs associated with redeemed preferred shares |
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(1,827 |
) |
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— |
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|
— |
|
Loss (income) from continuing operations attributable to noncontrolling interests |
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1,387 |
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|
5,288 |
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|
(1,421 |
) |
Income from continuing operations attributable to restricted shares |
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(469 |
) |
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(1,037 |
) |
|
(1,071 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
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$ |
(15,089 |
) |
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$ |
(91,023 |
) |
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$ |
9,856 |
|
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
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$ |
(15,089 |
) |
|
$ |
(91,023 |
) |
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$ |
9,856 |
|
Discontinued operations |
|
13,677 |
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(48,404 |
) |
|
17,054 |
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Discontinued operations attributable to noncontrolling interests |
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(751 |
) |
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2,860 |
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(1,323 |
) |
Numerator for basic and diluted EPS on net (loss) income attributable to COPT common shareholders |
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$ |
(2,163 |
) |
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$ |
(136,567 |
) |
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$ |
25,587 |
|
Denominator (all weighted averages): |
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Denominator for basic EPS (common shares) |
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73,454 |
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|
69,382 |
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|
59,611 |
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Dilutive effect of share-based compensation awards |
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— |
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— |
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|
333 |
|
Denominator for diluted EPS |
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73,454 |
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69,382 |
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59,944 |
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Basic EPS: |
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(Loss) income from continuing operations attributable to COPT common shareholders |
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$ |
(0.21 |
) |
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$ |
(1.31 |
) |
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$ |
0.17 |
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Discontinued operations attributable to COPT common shareholders |
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0.18 |
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(0.66 |
) |
|
0.26 |
|
Net (loss) income attributable to COPT common shareholders |
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$ |
(0.03 |
) |
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$ |
(1.97 |
) |
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$ |
0.43 |
|
Diluted EPS: |
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(Loss) income from continuing operations attributable to COPT common shareholders |
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$ |
(0.21 |
) |
|
$ |
(1.31 |
) |
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$ |
0.17 |
|
Discontinued operations attributable to COPT common shareholders |
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0.18 |
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(0.66 |
) |
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0.26 |
|
Net (loss) income attributable to COPT common shareholders |
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$ |
(0.03 |
) |
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$ |
(1.97 |
) |
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$ |
0.43 |
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| 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):
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Weighted Average Shares Excluded from Denominator for the Years Ended December 31, |
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2012 |
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2011 |
|
2010 |
Conversion of common units |
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4,235 |
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4,355 |
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|
4,608 |
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Conversion of convertible preferred units |
|
176 |
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|
176 |
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|
176 |
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Conversion of convertible preferred shares |
|
434 |
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|
434 |
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|
434 |
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