Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
9 Months Ended |
Sep. 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPT |
$ |
20,916 |
|
|
$ |
27,299 |
|
|
$ |
60,133 |
|
|
$ |
(13,294 |
) |
Preferred share dividends |
— |
|
|
(3,552 |
) |
|
(6,219 |
) |
|
(10,657 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
— |
|
|
(6,847 |
) |
|
— |
|
Income attributable to share-based compensation awards |
(95 |
) |
|
(105 |
) |
|
(337 |
) |
|
(319 |
) |
Numerator for basic and diluted EPS on net income (loss) attributable to COPT common shareholders |
$ |
20,821 |
|
|
$ |
23,642 |
|
|
$ |
46,730 |
|
|
$ |
(24,270 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
99,112 |
|
|
94,433 |
|
|
98,855 |
|
|
94,312 |
|
Dilutive effect of share-based compensation awards |
146 |
|
|
81 |
|
|
154 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
99,258 |
|
|
94,514 |
|
|
99,009 |
|
|
94,312 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPT common shareholders |
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.47 |
|
|
$ |
(0.26 |
) |
Diluted EPS: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPT common shareholders |
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.47 |
|
|
$ |
(0.26 |
) |
|
| 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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|
|
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|
|
|
|
|
|
|
|
Weighted Average Shares Excluded from Denominator |
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Conversion of common units |
3,350 |
|
|
3,591 |
|
|
3,400 |
|
|
3,648 |
|
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 September 30, |
|
For the Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPLP common unitholders |
$ |
21,785 |
|
|
$ |
28,359 |
|
|
$ |
62,239 |
|
|
$ |
(13,751 |
) |
Preferred unit distributions |
(165 |
) |
|
(3,717 |
) |
|
(6,714 |
) |
|
(11,152 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
— |
|
|
(6,847 |
) |
|
— |
|
Income attributable to share-based compensation awards |
(95 |
) |
|
(105 |
) |
|
(337 |
) |
|
(319 |
) |
Numerator for basic and diluted EPU on net income (loss) attributable to COPLP common unitholders |
$ |
21,525 |
|
|
$ |
24,537 |
|
|
$ |
48,341 |
|
|
$ |
(25,222 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
102,462 |
|
|
98,024 |
|
|
102,255 |
|
|
97,960 |
|
Dilutive effect of share-based compensation awards |
146 |
|
|
81 |
|
|
154 |
|
|
— |
|
Denominator for diluted EPU (common units) |
102,608 |
|
|
98,105 |
|
|
102,409 |
|
|
97,960 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPLP common unitholders |
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.47 |
|
|
$ |
(0.26 |
) |
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to COPLP common unitholders |
$ |
0.21 |
|
|
$ |
0.25 |
|
|
$ |
0.47 |
|
|
$ |
(0.26 |
) |
|
| 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, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
— |
|
|
434 |
|
|
— |
|
|
434 |
|
|