Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| 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, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPT |
$ |
19,434 |
|
|
$ |
17,526 |
|
|
$ |
36,584 |
|
|
$ |
38,545 |
|
Preferred share dividends |
— |
|
|
(3,039 |
) |
|
— |
|
|
(6,219 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
(6,847 |
) |
|
— |
|
|
(6,847 |
) |
Income attributable to share-based compensation awards |
(117 |
) |
|
(117 |
) |
|
(234 |
) |
|
(242 |
) |
Numerator for basic and diluted EPS on net income attributable to COPT common shareholders |
$ |
19,317 |
|
|
$ |
7,523 |
|
|
$ |
36,350 |
|
|
$ |
25,237 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
101,789 |
|
|
99,036 |
|
|
101,397 |
|
|
98,725 |
|
Dilutive effect of share-based compensation awards |
119 |
|
|
160 |
|
|
131 |
|
|
158 |
|
Denominator for diluted EPS (common shares) |
101,908 |
|
|
99,196 |
|
|
101,528 |
|
|
98,883 |
|
Basic EPS |
$ |
0.19 |
|
|
$ |
0.08 |
|
|
$ |
0.36 |
|
|
$ |
0.26 |
|
Diluted EPS |
$ |
0.19 |
|
|
$ |
0.08 |
|
|
$ |
0.36 |
|
|
$ |
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):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Excluded from Denominator |
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Conversion of common units |
3,197 |
|
|
3,405 |
|
|
3,208 |
|
|
3,425 |
|
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
|
| 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, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPLP |
$ |
20,207 |
|
|
$ |
17,952 |
|
|
$ |
38,066 |
|
|
$ |
39,758 |
|
Preferred unit distributions |
(165 |
) |
|
(3,204 |
) |
|
(330 |
) |
|
(6,549 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
(6,847 |
) |
|
— |
|
|
(6,847 |
) |
Income attributable to share-based compensation awards |
(117 |
) |
|
(117 |
) |
|
(234 |
) |
|
(242 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
19,925 |
|
|
$ |
7,784 |
|
|
$ |
37,502 |
|
|
$ |
26,120 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
104,986 |
|
|
102,441 |
|
|
104,605 |
|
|
102,150 |
|
Dilutive effect of share-based compensation awards |
119 |
|
|
160 |
|
|
131 |
|
|
158 |
|
Denominator for diluted EPU (common units) |
105,105 |
|
|
102,601 |
|
|
104,736 |
|
|
102,308 |
|
Basic EPU |
$ |
0.19 |
|
|
$ |
0.08 |
|
|
$ |
0.36 |
|
|
$ |
0.26 |
|
Diluted EPU |
$ |
0.19 |
|
|
$ |
0.08 |
|
|
$ |
0.36 |
|
|
$ |
0.26 |
|
|