| 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):
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|
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|
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Numerator: |
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|
|
|
|
|
|
|
|
Net income attributable to COPLP |
$ |
23,858 |
|
|
$ |
108,295 |
|
|
$ |
48,276 |
|
|
$ |
129,576 |
|
Preferred unit distributions |
(77 |
) |
|
(165 |
) |
|
(154 |
) |
|
(330 |
) |
Income attributable to share-based compensation awards |
(133 |
) |
|
(438 |
) |
|
(254 |
) |
|
(494 |
) |
Numerator for basic EPU on net income attributable to COPLP common unitholders |
23,648 |
|
|
107,692 |
|
|
47,868 |
|
|
128,752 |
|
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 |
$ |
23,648 |
|
|
$ |
108,777 |
|
|
$ |
47,868 |
|
|
$ |
128,840 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
113,037 |
|
|
112,884 |
|
|
112,994 |
|
|
112,088 |
|
Dilutive convertible preferred units |
— |
|
|
176 |
|
|
— |
|
|
— |
|
Dilutive effect of redeemable noncontrolling interests |
— |
|
|
1,062 |
|
|
— |
|
|
130 |
|
Dilutive effect of share-based compensation awards |
321 |
|
|
310 |
|
|
280 |
|
|
289 |
|
Denominator for diluted EPU (common units) |
113,358 |
|
|
114,432 |
|
|
113,274 |
|
|
112,507 |
|
Basic EPU |
$ |
0.21 |
|
|
$ |
0.95 |
|
|
$ |
0.42 |
|
|
$ |
1.15 |
|
Diluted EPU |
$ |
0.21 |
|
|
$ |
0.95 |
|
|
$ |
0.42 |
|
|
$ |
1.15 |
|
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, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Numerator: |
|
|
|
|
|
|
|
|
|
Net income attributable to COPT |
$ |
23,497 |
|
|
$ |
106,791 |
|
|
$ |
47,551 |
|
|
$ |
127,650 |
|
Income attributable to share-based compensation awards |
(115 |
) |
|
(364 |
) |
|
(220 |
) |
|
(413 |
) |
Numerator for basic EPS on net income attributable to COPT common shareholders |
23,382 |
|
|
106,427 |
|
|
47,331 |
|
|
127,237 |
|
Preferred unit distributions |
— |
|
|
165 |
|
|
— |
|
|
— |
|
Redeemable noncontrolling interests |
— |
|
|
902 |
|
|
— |
|
|
66 |
|
Common units in the Operating Partnership |
— |
|
|
— |
|
|
— |
|
|
1,515 |
|
Income attributable to share-based compensation awards |
6 |
|
|
18 |
|
|
14 |
|
|
22 |
|
Numerator for diluted EPS on net income attributable to COPT common shareholders |
$ |
23,388 |
|
|
$ |
107,512 |
|
|
$ |
47,345 |
|
|
$ |
128,840 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
111,800 |
|
|
111,557 |
|
|
111,762 |
|
|
110,759 |
|
Dilutive convertible preferred units |
— |
|
|
176 |
|
|
— |
|
|
— |
|
Dilutive effect of common units |
— |
|
|
— |
|
|
— |
|
|
1,329 |
|
Dilutive effect of redeemable noncontrolling interests |
— |
|
|
1,062 |
|
|
— |
|
|
130 |
|
Dilutive effect of share-based compensation awards |
321 |
|
|
310 |
|
|
280 |
|
|
289 |
|
Denominator for diluted EPS (common shares) |
112,121 |
|
|
113,105 |
|
|
112,042 |
|
|
112,507 |
|
Basic EPS |
$ |
0.21 |
|
|
$ |
0.95 |
|
|
$ |
0.42 |
|
|
$ |
1.15 |
|
Diluted EPS |
$ |
0.21 |
|
|
$ |
0.95 |
|
|
$ |
0.42 |
|
|
$ |
1.15 |
|
|
| 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):
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Weighted Average Shares Excluded from Denominator |
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Conversion of common units |
1,237 |
|
|
1,327 |
|
|
1,232 |
|
|
— |
|
Conversion of redeemable noncontrolling interests |
878 |
|
|
— |
|
|
944 |
|
|
907 |
|
Conversion of Series I preferred units |
176 |
|
|
— |
|
|
176 |
|
|
176 |
|
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):
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|
|
|
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|
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|
Weighted Average Shares Excluded from Denominator |
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Conversion of redeemable noncontrolling interests |
878 |
|
|
— |
|
|
944 |
|
|
907 |
|
Conversion of Series I preferred units |
176 |
|
|
— |
|
|
176 |
|
|
176 |
|
|