Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)
|
12 Months Ended |
Dec. 31, 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 Years Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Numerator: |
|
|
|
|
|
|
Net income attributable to COPT |
|
$ |
72,301 |
|
|
$ |
68,745 |
|
|
$ |
28,890 |
|
Preferred share dividends |
|
— |
|
|
(6,219 |
) |
|
(14,297 |
) |
Issuance costs associated with redeemed preferred shares |
|
— |
|
|
(6,847 |
) |
|
(17 |
) |
Income attributable to share-based compensation awards |
|
(462 |
) |
|
(449 |
) |
|
(419 |
) |
Numerator for basic and diluted EPS on net income attributable to COPT common shareholders |
|
$ |
71,839 |
|
|
$ |
55,230 |
|
|
$ |
14,157 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
|
103,946 |
|
|
98,969 |
|
|
94,502 |
|
Dilutive effect of share-based compensation awards |
|
134 |
|
|
132 |
|
|
92 |
|
Dilutive effect of forward equity sale agreements |
|
45 |
|
|
54 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
|
104,125 |
|
|
99,155 |
|
|
94,594 |
|
Basic EPS |
|
$ |
0.69 |
|
|
$ |
0.56 |
|
|
$ |
0.15 |
|
Diluted EPS |
|
$ |
0.69 |
|
|
$ |
0.56 |
|
|
$ |
0.15 |
|
|
| 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, |
|
|
2018 |
|
2017 |
|
2016 |
Conversion of common units |
|
2,468 |
|
|
3,362 |
|
|
3,633 |
|
Conversion of redeemable noncontrolling interests |
|
936 |
|
|
689 |
|
|
809 |
|
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred shares |
|
— |
|
|
— |
|
|
434 |
|
|
| Corporate Office Properties, L.P. [Member] |
|
| 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 Years Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
Numerator: |
|
|
|
|
|
|
Net income attributable to COPLP |
|
$ |
74,703 |
|
|
$ |
71,295 |
|
|
$ |
30,053 |
|
Preferred unit distributions |
|
(660 |
) |
|
(6,879 |
) |
|
(14,957 |
) |
Issuance costs associated with redeemed preferred units |
|
— |
|
|
(6,847 |
) |
|
(17 |
) |
Income attributable to share-based compensation awards |
|
(462 |
) |
|
(449 |
) |
|
(419 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
|
$ |
73,581 |
|
|
$ |
57,120 |
|
|
$ |
14,660 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
Denominator for basic EPU (common units) |
|
106,414 |
|
|
102,331 |
|
|
98,135 |
|
Dilutive effect of share-based compensation awards |
|
134 |
|
|
132 |
|
|
92 |
|
Dilutive effect of forward equity sale agreements |
|
45 |
|
|
54 |
|
|
— |
|
Denominator for diluted EPU (common units) |
|
106,593 |
|
|
102,517 |
|
|
98,227 |
|
Basic EPU |
|
$ |
0.69 |
|
|
$ |
0.56 |
|
|
$ |
0.15 |
|
Diluted EPU |
|
$ |
0.69 |
|
|
$ |
0.56 |
|
|
$ |
0.15 |
|
|
| 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, |
|
|
2018 |
|
2017 |
|
2016 |
Conversion of redeemable noncontrolling interests |
|
936 |
|
|
689 |
|
|
809 |
|
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
|
— |
|
|
— |
|
|
434 |
|
|