Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Earnings Per Share [Line Items] |
|
| 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Numerator: |
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(25,331 |
) |
|
$ |
120,675 |
|
|
$ |
34,509 |
|
Gain on sales of real estate, net |
|
40,986 |
|
|
68,047 |
|
|
10,671 |
|
Preferred share dividends |
|
(14,297 |
) |
|
(14,210 |
) |
|
(15,939 |
) |
Issuance costs associated with redeemed preferred shares |
|
(17 |
) |
|
— |
|
|
(1,769 |
) |
Income from continuing operations attributable to noncontrolling interests |
|
(4,216 |
) |
|
(10,575 |
) |
|
(4,955 |
) |
Income from continuing operations attributable to share-based compensation awards |
|
(419 |
) |
|
(706 |
) |
|
(432 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
|
$ |
(3,294 |
) |
|
$ |
163,231 |
|
|
$ |
22,085 |
|
Dilutive effect of common units in COPLP on diluted EPS from continuing operations |
|
— |
|
|
6,397 |
|
|
— |
|
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
|
$ |
(3,294 |
) |
|
$ |
169,628 |
|
|
$ |
22,085 |
|
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
|
$ |
(3,294 |
) |
|
$ |
163,231 |
|
|
$ |
22,085 |
|
Discontinued operations |
|
— |
|
|
156 |
|
|
26 |
|
Discontinued operations attributable to noncontrolling interests |
|
— |
|
|
(3 |
) |
|
4 |
|
Numerator for basic EPS on net (loss) income attributable to COPT common shareholders |
|
$ |
(3,294 |
) |
|
$ |
163,384 |
|
|
$ |
22,115 |
|
Dilutive effect of common units in COPLP |
|
— |
|
|
6,403 |
|
|
— |
|
Numerator for diluted EPS on net (loss) income attributable to COPT common shareholders |
|
$ |
(3,294 |
) |
|
$ |
169,787 |
|
|
$ |
22,115 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
|
94,502 |
|
|
93,914 |
|
|
88,092 |
|
Dilutive effect of common units |
|
— |
|
|
3,692 |
|
|
— |
|
Dilutive effect of share-based compensation awards |
|
— |
|
|
61 |
|
|
171 |
|
Denominator for diluted EPS (common shares) |
|
94,502 |
|
|
97,667 |
|
|
88,263 |
|
Basic EPS: |
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
|
$ |
(0.03 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
Net (loss) income attributable to COPT common shareholders |
|
$ |
(0.03 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
Diluted EPS: |
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
|
$ |
(0.03 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
Net (loss) income attributable to COPT common shareholders |
|
$ |
(0.03 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
|
| 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 Years Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Conversion of common units |
|
3,633 |
|
|
— |
|
|
3,897 |
|
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred shares |
|
434 |
|
|
434 |
|
|
434 |
|
|
| Corporate Office Properties, L.P. [Member] |
|
| Earnings Per Share [Line Items] |
|
| 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 EPU calculations are set forth below (in thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Numerator: |
|
|
|
|
|
|
(Loss) income from continuing operations |
|
$ |
(25,331 |
) |
|
$ |
120,675 |
|
|
$ |
34,509 |
|
Gain on sales of real estate, net |
|
40,986 |
|
|
68,047 |
|
|
10,671 |
|
Preferred unit distributions |
|
(14,957 |
) |
|
(14,870 |
) |
|
(16,599 |
) |
Issuance costs associated with redeemed preferred units |
|
(17 |
) |
|
— |
|
|
(1,769 |
) |
Income from continuing operations attributable to noncontrolling interests |
|
(3,715 |
) |
|
(3,523 |
) |
|
(3,281 |
) |
Income from continuing operations attributable to share-based compensation awards |
|
(419 |
) |
|
(706 |
) |
|
(432 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
|
$ |
(3,453 |
) |
|
$ |
169,623 |
|
|
$ |
23,099 |
|
Discontinued operations |
|
— |
|
|
156 |
|
|
26 |
|
Discontinued operations attributable to noncontrolling interests |
|
— |
|
|
3 |
|
|
5 |
|
Numerator for basic and diluted EPU on net (loss) income attributable to COPLP common unitholders |
|
$ |
(3,453 |
) |
|
$ |
169,782 |
|
|
$ |
23,130 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
Denominator for basic EPU (common units) |
|
98,135 |
|
|
97,606 |
|
|
91,989 |
|
Dilutive effect of share-based compensation awards |
|
— |
|
|
61 |
|
|
171 |
|
Denominator for diluted EPU (common units) |
|
98,135 |
|
|
97,667 |
|
|
92,160 |
|
Basic EPU: |
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
|
$ |
(0.04 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
Net (loss) income attributable to COPLP common unitholders |
|
$ |
(0.04 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
Diluted EPU: |
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
|
$ |
(0.04 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
Net (loss) income attributable to COPLP common unitholders |
|
$ |
(0.04 |
) |
|
$ |
1.74 |
|
|
$ |
0.25 |
|
|
| 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 Years Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
|
434 |
|
|
434 |
|
|
434 |
|
|