Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
9 Months Ended |
Sep. 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(4,829 |
) |
|
$ |
94,279 |
|
|
$ |
(45,049 |
) |
|
$ |
122,105 |
|
Gain on sales of real estate, net |
34,101 |
|
|
15 |
|
|
34,101 |
|
|
4,000 |
|
Preferred share dividends |
(3,552 |
) |
|
(3,552 |
) |
|
(10,657 |
) |
|
(10,657 |
) |
Income from continuing operations attributable to noncontrolling interests |
(1,973 |
) |
|
(4,494 |
) |
|
(2,346 |
) |
|
(7,322 |
) |
Income from continuing operations attributable to share-based compensation awards |
(105 |
) |
|
(369 |
) |
|
(319 |
) |
|
(475 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
23,642 |
|
|
85,879 |
|
|
(24,270 |
) |
|
107,651 |
|
Convertible preferred shares |
— |
|
|
372 |
|
|
— |
|
|
— |
|
Dilutive effect of common units in COPLP on diluted EPS from continuing operations |
— |
|
|
— |
|
|
— |
|
|
4,225 |
|
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
23,642 |
|
|
$ |
86,251 |
|
|
$ |
(24,270 |
) |
|
$ |
111,876 |
|
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
$ |
23,642 |
|
|
$ |
85,879 |
|
|
$ |
(24,270 |
) |
|
$ |
107,651 |
|
Discontinued operations |
— |
|
|
— |
|
|
— |
|
|
156 |
|
Discontinued operations attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
(3 |
) |
Numerator for basic EPS on net income attributable to COPT common shareholders |
23,642 |
|
|
85,879 |
|
|
(24,270 |
) |
|
107,804 |
|
Convertible preferred shares |
— |
|
|
372 |
|
|
— |
|
|
— |
|
Dilutive effect of common units in COPLP |
— |
|
|
— |
|
|
— |
|
|
4,231 |
|
Numerator for diluted EPS on net income attributable to COPT common shareholders |
$ |
23,642 |
|
|
$ |
86,251 |
|
|
$ |
(24,270 |
) |
|
$ |
112,035 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
94,433 |
|
|
94,153 |
|
|
94,312 |
|
|
93,830 |
|
Convertible preferred shares |
— |
|
|
434 |
|
|
— |
|
|
— |
|
Dilutive effect of common units |
— |
|
|
— |
|
|
— |
|
|
3,697 |
|
Dilutive effect of share-based compensation awards |
81 |
|
|
21 |
|
|
— |
|
|
82 |
|
Denominator for diluted EPS (common shares) |
94,514 |
|
|
94,608 |
|
|
94,312 |
|
|
97,609 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPT common shareholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPT common shareholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
|
| 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Conversion of common units |
3,591 |
|
|
3,679 |
|
|
3,648 |
|
|
— |
|
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Shares |
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 September 30, |
|
For the Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(4,829 |
) |
|
$ |
94,279 |
|
|
$ |
(45,049 |
) |
|
$ |
122,105 |
|
Gain on sales of real estate, net |
34,101 |
|
|
15 |
|
|
34,101 |
|
|
4,000 |
|
Preferred unit distributions |
(3,717 |
) |
|
(3,717 |
) |
|
(11,152 |
) |
|
(11,152 |
) |
Income from continuing operations attributable to noncontrolling interests |
(913 |
) |
|
(972 |
) |
|
(2,803 |
) |
|
(2,605 |
) |
Income from continuing operations attributable to share-based compensation awards |
(105 |
) |
|
(369 |
) |
|
(319 |
) |
|
(475 |
) |
Numerator for basic EPU from continuing operations attributable to COPLP common unitholders |
24,537 |
|
|
89,236 |
|
|
(25,222 |
) |
|
111,873 |
|
Convertible preferred units |
— |
|
|
372 |
|
|
— |
|
|
— |
|
Numerator for diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
24,537 |
|
|
$ |
89,608 |
|
|
$ |
(25,222 |
) |
|
$ |
111,873 |
|
|
|
|
|
|
|
|
|
Numerator for basic EPU from continuing operations attributable to COPLP common unitholders |
$ |
24,537 |
|
|
$ |
89,236 |
|
|
$ |
(25,222 |
) |
|
$ |
111,873 |
|
Discontinued operations |
— |
|
|
— |
|
|
— |
|
|
156 |
|
Discontinued operations attributable to noncontrolling interests |
— |
|
|
— |
|
|
— |
|
|
3 |
|
Numerator for basic EPU on net income attributable to COPLP common unitholders |
24,537 |
|
|
89,236 |
|
|
(25,222 |
) |
|
112,032 |
|
Convertible preferred units |
— |
|
|
372 |
|
|
— |
|
|
— |
|
Numerator for diluted EPU on net income attributable to COPLP common unitholders |
$ |
24,537 |
|
|
$ |
89,608 |
|
|
$ |
(25,222 |
) |
|
$ |
112,032 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
98,024 |
|
|
97,832 |
|
|
97,960 |
|
|
97,527 |
|
Convertible preferred shares |
— |
|
|
434 |
|
|
— |
|
|
— |
|
Dilutive effect of share-based compensation awards |
81 |
|
|
21 |
|
|
— |
|
|
82 |
|
Denominator for diluted EPU (common units) |
98,105 |
|
|
98,287 |
|
|
97,960 |
|
|
97,609 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPLP common unitholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net (loss) income attributable to COPLP common unitholders |
$ |
0.25 |
|
|
$ |
0.91 |
|
|
$ |
(0.26 |
) |
|
$ |
1.15 |
|
|
| 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
434 |
|
|
— |
|
|
434 |
|
|
434 |
|
|