Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
9 Months Ended |
Sep. 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPT |
$ |
21,257 |
|
|
$ |
18,697 |
|
|
$ |
148,907 |
|
|
$ |
55,281 |
|
Income attributable to share-based compensation awards |
(123 |
) |
|
(114 |
) |
|
(495 |
) |
|
(348 |
) |
Numerator for basic EPS on net income attributable to COPT common shareholders |
21,134 |
|
|
18,583 |
|
|
148,412 |
|
|
54,933 |
|
Redeemable noncontrolling interests |
— |
|
|
— |
|
|
100 |
|
|
— |
|
Income attributable to share-based compensation awards |
5 |
|
|
— |
|
|
26 |
|
|
— |
|
Numerator for diluted EPS on net income attributable to COPT common shareholders |
$ |
21,139 |
|
|
$ |
18,583 |
|
|
$ |
148,538 |
|
|
$ |
54,933 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
111,582 |
|
|
104,379 |
|
|
111,036 |
|
|
102,401 |
|
Dilutive effect of share-based compensation awards |
361 |
|
|
231 |
|
|
313 |
|
|
165 |
|
Dilutive effect of redeemable noncontrolling interests |
— |
|
|
— |
|
|
123 |
|
|
— |
|
Dilutive effect of forward equity sale agreements |
— |
|
|
178 |
|
|
— |
|
|
60 |
|
Denominator for diluted EPS (common shares) |
111,943 |
|
|
104,788 |
|
|
111,472 |
|
|
102,626 |
|
Basic EPS |
$ |
0.19 |
|
|
$ |
0.18 |
|
|
$ |
1.34 |
|
|
$ |
0.54 |
|
Diluted EPS |
$ |
0.19 |
|
|
$ |
0.18 |
|
|
$ |
1.33 |
|
|
$ |
0.54 |
|
|
| 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):
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|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Excluded from Denominator |
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Conversion of common units |
1,312 |
|
|
2,135 |
|
|
1,323 |
|
|
2,847 |
|
Conversion of redeemable noncontrolling interests |
975 |
|
|
— |
|
|
893 |
|
|
— |
|
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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPLP |
$ |
21,681 |
|
|
$ |
19,242 |
|
|
$ |
151,257 |
|
|
$ |
57,308 |
|
Preferred unit distributions |
(157 |
) |
|
(165 |
) |
|
(487 |
) |
|
(495 |
) |
Income attributable to share-based compensation awards |
(139 |
) |
|
(114 |
) |
|
(592 |
) |
|
(348 |
) |
Numerator for basic EPU on net income attributable to COPLP common unitholders |
21,385 |
|
|
18,963 |
|
|
150,178 |
|
|
56,465 |
|
Redeemable noncontrolling interests |
— |
|
|
|
|
|
100 |
|
|
— |
|
Income attributable to share-based compensation awards |
5 |
|
|
— |
|
|
26 |
|
|
— |
|
Numerator for diluted EPU on net income attributable to COPLP common unitholders |
$ |
21,390 |
|
|
$ |
18,963 |
|
|
$ |
150,304 |
|
|
$ |
56,465 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
112,894 |
|
|
106,514 |
|
|
112,359 |
|
|
105,248 |
|
Dilutive effect of redeemable noncontrolling interests |
— |
|
|
— |
|
|
123 |
|
|
— |
|
Dilutive effect of share-based compensation awards |
361 |
|
|
231 |
|
|
313 |
|
|
165 |
|
Dilutive effect of forward equity sale agreements |
— |
|
|
178 |
|
|
— |
|
|
60 |
|
Denominator for diluted EPU (common units) |
113,255 |
|
|
106,923 |
|
|
112,795 |
|
|
105,473 |
|
Basic EPU |
$ |
0.19 |
|
|
$ |
0.18 |
|
|
$ |
1.34 |
|
|
$ |
0.54 |
|
Diluted EPU |
$ |
0.19 |
|
|
$ |
0.18 |
|
|
$ |
1.33 |
|
|
$ |
0.54 |
|
|
| 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Conversion of redeemable noncontrolling interests |
975 |
|
|
— |
|
|
893 |
|
|
— |
|
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
|