Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| 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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPT |
$ |
106,791 |
|
|
$ |
19,434 |
|
|
$ |
127,650 |
|
|
$ |
36,584 |
|
Income attributable to share-based compensation awards |
(364 |
) |
|
(117 |
) |
|
(413 |
) |
|
(234 |
) |
Numerator for basic EPS on net income attributable to COPT common shareholders |
106,427 |
|
|
19,317 |
|
|
127,237 |
|
|
36,350 |
|
Preferred unit distributions |
165 |
|
|
— |
|
|
— |
|
|
— |
|
Redeemable noncontrolling interests |
902 |
|
|
— |
|
|
66 |
|
|
— |
|
Common units in the Operating Partnership |
— |
|
|
— |
|
|
1,515 |
|
|
— |
|
Income attributable to share-based compensation awards |
18 |
|
|
— |
|
|
22 |
|
|
— |
|
Numerator for diluted EPS on net income attributable to COPT common shareholders |
$ |
107,512 |
|
|
$ |
19,317 |
|
|
$ |
128,840 |
|
|
$ |
36,350 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
111,557 |
|
|
101,789 |
|
|
110,759 |
|
|
101,397 |
|
Dilutive convertible preferred units |
176 |
|
|
— |
|
|
— |
|
|
— |
|
Dilutive effect of common units |
— |
|
|
— |
|
|
1,329 |
|
|
— |
|
Dilutive effect of share-based compensation awards |
310 |
|
|
119 |
|
|
289 |
|
|
131 |
|
Dilutive effect of redeemable noncontrolling interests |
1,062 |
|
|
— |
|
|
130 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
113,105 |
|
|
101,908 |
|
|
112,507 |
|
|
101,528 |
|
Basic EPS |
$ |
0.95 |
|
|
$ |
0.19 |
|
|
$ |
1.15 |
|
|
$ |
0.36 |
|
Diluted EPS |
$ |
0.95 |
|
|
$ |
0.19 |
|
|
$ |
1.15 |
|
|
$ |
0.36 |
|
|
| 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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Conversion of common units |
1,327 |
|
|
3,197 |
|
|
— |
|
|
3,208 |
|
Conversion of redeemable noncontrolling interests |
— |
|
|
— |
|
|
907 |
|
|
— |
|
Conversion of Series I preferred units |
— |
|
|
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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPLP |
$ |
108,295 |
|
|
$ |
20,207 |
|
|
$ |
129,576 |
|
|
$ |
38,066 |
|
Preferred unit distributions |
(165 |
) |
|
(165 |
) |
|
(330 |
) |
|
(330 |
) |
Income attributable to share-based compensation awards |
(438 |
) |
|
(117 |
) |
|
(494 |
) |
|
(234 |
) |
Numerator for basic EPU on net income attributable to COPLP common unitholders |
107,692 |
|
|
19,925 |
|
|
128,752 |
|
|
37,502 |
|
Redeemable noncontrolling interests |
902 |
|
|
— |
|
|
66 |
|
|
— |
|
Income attributable to share-based compensation awards |
18 |
|
|
— |
|
|
22 |
|
|
— |
|
Dilutive effective of preferred units |
165 |
|
|
— |
|
|
— |
|
|
— |
|
Numerator for diluted EPU on net income attributable to COPLP common unitholders |
$ |
108,777 |
|
|
$ |
19,925 |
|
|
$ |
128,840 |
|
|
$ |
37,502 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
112,884 |
|
|
104,986 |
|
|
112,088 |
|
|
104,605 |
|
Dilutive convertible preferred units |
176 |
|
|
— |
|
|
— |
|
|
— |
|
Dilutive effect of redeemable noncontrolling interests |
1,062 |
|
|
— |
|
|
130 |
|
|
— |
|
Dilutive effect of share-based compensation awards |
310 |
|
|
119 |
|
|
289 |
|
|
131 |
|
Denominator for diluted EPU (common units) |
114,432 |
|
|
105,105 |
|
|
112,507 |
|
|
104,736 |
|
Basic EPU |
$ |
0.95 |
|
|
$ |
0.19 |
|
|
$ |
1.15 |
|
|
$ |
0.36 |
|
Diluted EPU |
$ |
0.95 |
|
|
$ |
0.19 |
|
|
$ |
1.15 |
|
|
$ |
0.36 |
|
|
| 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 Shares Excluded from Denominator |
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Conversion of redeemable noncontrolling interests |
— |
|
|
— |
|
|
907 |
|
|
— |
|
Conversion of Series I preferred units |
— |
|
|
176 |
|
|
176 |
|
|
176 |
|
|