Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
9 Months Ended |
Sep. 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPT |
$ |
18,697 |
|
|
$ |
20,579 |
|
|
$ |
55,281 |
|
|
$ |
59,124 |
|
Preferred share dividends |
— |
|
|
— |
|
|
— |
|
|
(6,219 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
— |
|
|
— |
|
|
(6,847 |
) |
Income attributable to share-based compensation awards |
(114 |
) |
|
(95 |
) |
|
(348 |
) |
|
(337 |
) |
Numerator for basic and diluted EPS on net income attributable to COPT common shareholders |
$ |
18,583 |
|
|
$ |
20,484 |
|
|
$ |
54,933 |
|
|
$ |
45,721 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
104,379 |
|
|
99,112 |
|
|
102,401 |
|
|
98,855 |
|
Dilutive effect of share-based compensation awards |
231 |
|
|
146 |
|
|
165 |
|
|
154 |
|
Dilutive effect of forward equity sale agreements |
178 |
|
|
— |
|
|
60 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
104,788 |
|
|
99,258 |
|
|
102,626 |
|
|
99,009 |
|
Basic EPS |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.54 |
|
|
$ |
0.46 |
|
Diluted EPS |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.54 |
|
|
$ |
0.46 |
|
|
| 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Conversion of common units |
2,135 |
|
|
3,350 |
|
|
2,847 |
|
|
3,400 |
|
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 September 30, |
|
For the Nine Months Ended September 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPLP |
$ |
19,242 |
|
|
$ |
21,437 |
|
|
$ |
57,308 |
|
|
$ |
61,195 |
|
Preferred unit distributions |
(165 |
) |
|
(165 |
) |
|
(495 |
) |
|
(6,714 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
— |
|
|
— |
|
|
(6,847 |
) |
Income attributable to share-based compensation awards |
(114 |
) |
|
(95 |
) |
|
(348 |
) |
|
(337 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
18,963 |
|
|
$ |
21,177 |
|
|
$ |
56,465 |
|
|
$ |
47,297 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
106,514 |
|
|
102,462 |
|
|
105,248 |
|
|
102,255 |
|
Dilutive effect of share-based compensation awards |
231 |
|
|
146 |
|
|
165 |
|
|
154 |
|
Dilutive effect of forward equity sale agreements |
178 |
|
|
— |
|
|
60 |
|
|
— |
|
Denominator for diluted EPU (common units) |
106,923 |
|
|
102,608 |
|
|
105,473 |
|
|
102,409 |
|
Basic EPU |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.54 |
|
|
$ |
0.46 |
|
Diluted EPU |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
0.54 |
|
|
$ |
0.46 |
|
|