Annual report pursuant to Section 13 and 15(d)

Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)

v3.8.0.1
Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)
 12 Months Ended
Dec. 31, 2017
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,
 
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
66,443

 
$
(25,331
)
 
$
120,675

Gain on sales of real estate
 
9,890

 
40,986

 
68,047

Preferred share dividends
 
(6,219
)
 
(14,297
)
 
(14,210
)
Issuance costs associated with redeemed preferred shares
 
(6,847
)
 
(17
)
 
—

Income from continuing operations attributable to noncontrolling interests
 
(6,242
)
 
(4,216
)
 
(10,575
)
Income from continuing operations attributable to share-based compensation awards
 
(449
)
 
(419
)
 
(706
)
Numerator for basic EPS from continuing operations attributable to COPT common shareholders
 
$
56,576

 
$
(3,294
)
 
$
163,231

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
 
$
56,576

 
$
(3,294
)
 
$
169,628

Numerator for basic EPS from continuing operations attributable to COPT common shareholders
 
$
56,576

 
$
(3,294
)
 
$
163,231

Discontinued operations
 
—

 
—

 
156

Discontinued operations attributable to noncontrolling interests
 
—

 
—

 
(3
)
Numerator for basic EPS on net income (loss) attributable to COPT common shareholders
 
$
56,576

 
$
(3,294
)
 
$
163,384

Dilutive effect of common units in COPLP
 
—

 
—

 
6,403

Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders
 
$
56,576

 
$
(3,294
)
 
$
169,787

Denominator (all weighted averages):
 
 
 
 
 
 
Denominator for basic EPS (common shares)
 
98,969

 
94,502

 
93,914

Dilutive effect of forward equity sale agreements and share-based compensation awards
 
186

 
—

 
61

Dilutive effect of common units
 
—

 
—

 
3,692

Denominator for diluted EPS (common shares)
 
99,155

 
94,502

 
97,667

Basic EPS:
 
 
 
 
 
 
Income (loss) from continuing operations attributable to COPT common shareholders
 
$
0.57

 
$
(0.03
)
 
$
1.74

Net income (loss) attributable to COPT common shareholders
 
$
0.57

 
$
(0.03
)
 
$
1.74

Diluted EPS:
 
 
 
 
 
 
Income (loss) from continuing operations attributable to COPT common shareholders
 
$
0.57

 
$
(0.03
)
 
$
1.74

Net income (loss) attributable to COPT common shareholders
 
$
0.57

 
$
(0.03
)
 
$
1.74

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,
 
 
2017
 
2016
 
2015
Conversion of common units
 
3,362

 
3,633

 
—

Conversion of Series I preferred units
 
176

 
176

 
176

Conversion of Series K preferred shares
 
—

 
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,
 
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
 
Income (loss) from continuing operations
 
$
66,443

 
$
(25,331
)
 
$
120,675

Gain on sales of real estate, net
 
9,890

 
40,986

 
68,047

Preferred unit distributions
 
(6,879
)
 
(14,957
)
 
(14,870
)
Issuance costs associated with redeemed preferred units
 
(6,847
)
 
(17
)
 
—

Income from continuing operations attributable to noncontrolling interests
 
(3,646
)
 
(3,715
)
 
(3,523
)
Income from continuing operations attributable to share-based compensation awards
 
(449
)
 
(419
)
 
(706
)
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders
 
$
58,512

 
$
(3,453
)
 
$
169,623

Discontinued operations
 
—

 
—

 
156

Discontinued operations attributable to noncontrolling interests
 
—

 
—

 
3

Numerator for basic and diluted EPU on net income (loss) attributable to COPLP common unitholders
 
$
58,512

 
$
(3,453
)
 
$
169,782

Denominator (all weighted averages):
 
 
 
 
 
 
Denominator for basic EPU (common units)
 
102,331

 
98,135

 
97,606

Dilutive effect of forward equity sale agreements and share-based compensation awards
 
186

 
—

 
61

Denominator for diluted EPU (common units)
 
102,517

 
98,135

 
97,667

Basic EPU:
 
 
 
 
 
 
Income (loss) from continuing operations attributable to COPLP common unitholders
 
$
0.57

 
$
(0.04
)
 
$
1.74

Net income (loss) attributable to COPLP common unitholders
 
$
0.57

 
$
(0.04
)
 
$
1.74

Diluted EPU:
 
 
 
 
 
 
Income (loss) from continuing operations attributable to COPLP common unitholders
 
$
0.57

 
$
(0.04
)
 
$
1.74

Net income (loss) attributable to COPLP common unitholders
 
$
0.57

 
$
(0.04
)
 
$
1.74

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,
 
 
2017
 
2016
 
2015
Conversion of Series I preferred units
 
176

 
176

 
176

Conversion of Series K preferred units
 
—

 
434

 
434