Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
|---|
| 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPT |
$ |
17,862 |
|
|
$ |
(47,419 |
) |
|
$ |
39,217 |
|
|
$ |
(40,593 |
) |
Preferred share dividends |
(3,039 |
) |
|
(3,553 |
) |
|
(6,219 |
) |
|
(7,105 |
) |
Issuance costs associated with redeemed preferred shares |
(6,847 |
) |
|
— |
|
|
(6,847 |
) |
|
— |
|
Income attributable to share-based compensation awards |
(117 |
) |
|
(96 |
) |
|
(242 |
) |
|
(214 |
) |
Numerator for basic and diluted EPS on net income (loss) attributable to COPT common shareholders |
$ |
7,859 |
|
|
$ |
(51,068 |
) |
|
$ |
25,909 |
|
|
$ |
(47,912 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
99,036 |
|
|
94,300 |
|
|
98,725 |
|
|
94,251 |
|
Dilutive effect of share-based compensation awards |
160 |
|
|
— |
|
|
158 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
99,196 |
|
|
94,300 |
|
|
98,883 |
|
|
94,251 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPT common shareholders |
$ |
0.08 |
|
|
$ |
(0.54 |
) |
|
$ |
0.26 |
|
|
$ |
(0.51 |
) |
Diluted EPS: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPT common shareholders |
$ |
0.08 |
|
|
$ |
(0.54 |
) |
|
$ |
0.26 |
|
|
$ |
(0.51 |
) |
|
| 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Conversion of common units |
3,405 |
|
|
3,676 |
|
|
3,425 |
|
|
3,676 |
|
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
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 June 30, |
|
For the Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPLP common unitholders |
$ |
18,300 |
|
|
$ |
(49,227 |
) |
|
$ |
40,454 |
|
|
$ |
(42,110 |
) |
Preferred unit distributions |
(3,204 |
) |
|
(3,718 |
) |
|
(6,549 |
) |
|
(7,435 |
) |
Issuance costs associated with redeemed preferred units |
(6,847 |
) |
|
— |
|
|
(6,847 |
) |
|
— |
|
Income attributable to share-based compensation awards |
(117 |
) |
|
(96 |
) |
|
(242 |
) |
|
(214 |
) |
Numerator for basic and diluted EPU on net income (loss) attributable to COPLP common unitholders |
$ |
8,132 |
|
|
$ |
(53,041 |
) |
|
$ |
26,816 |
|
|
$ |
(49,759 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
102,441 |
|
|
97,976 |
|
|
102,150 |
|
|
97,927 |
|
Dilutive effect of share-based compensation awards |
160 |
|
|
— |
|
|
158 |
|
|
— |
|
Denominator for diluted EPU (common units) |
102,601 |
|
|
97,976 |
|
|
102,308 |
|
|
97,927 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPLP common unitholders |
$ |
0.08 |
|
|
$ |
(0.54 |
) |
|
$ |
0.26 |
|
|
$ |
(0.51 |
) |
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPLP common unitholders |
$ |
0.08 |
|
|
$ |
(0.54 |
) |
|
$ |
0.26 |
|
|
$ |
(0.51 |
) |
|
| 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
— |
|
|
434 |
|
|
— |
|
|
434 |
|
|