|
Earnings Per Share ("EPS") (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| 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, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(1,703 |
) |
|
$ |
9,722 |
|
|
$ |
9,059 |
|
|
$ |
22,112 |
|
Gain on sales of real estate, net |
329 |
|
|
21 |
|
|
2,683 |
|
|
21 |
|
Preferred share dividends |
(4,885 |
) |
|
(4,167 |
) |
|
(10,991 |
) |
|
(8,192 |
) |
Issuance costs associated with redeemed preferred shares |
(2,904 |
) |
|
— |
|
|
(2,904 |
) |
|
— |
|
(Loss) income from continuing operations attributable to noncontrolling interests |
(1,024 |
) |
|
(459 |
) |
|
(1,149 |
) |
|
(539 |
) |
Income from continuing operations attributable to restricted shares |
(102 |
) |
|
(105 |
) |
|
(220 |
) |
|
(246 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
(10,289 |
) |
|
5,012 |
|
|
(3,522 |
) |
|
13,156 |
|
Dilutive effect of common units in COPLP on diluted EPS from continuing operations |
(543 |
) |
|
— |
|
|
(214 |
) |
|
— |
|
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
(10,832 |
) |
|
$ |
5,012 |
|
|
$ |
(3,736 |
) |
|
$ |
13,156 |
|
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
$ |
(10,289 |
) |
|
$ |
5,012 |
|
|
$ |
(3,522 |
) |
|
$ |
13,156 |
|
Discontinued operations |
(3,031 |
) |
|
2,118 |
|
|
(870 |
) |
|
(37 |
) |
Discontinued operations attributable to noncontrolling interests |
64 |
|
|
(97 |
) |
|
(68 |
) |
|
43 |
|
Numerator for basic EPS on net (loss) income attributable to COPT common shareholders |
(13,256 |
) |
|
7,033 |
|
|
(4,460 |
) |
|
13,162 |
|
Dilutive effect of common units in COPLP |
(671 |
) |
|
— |
|
|
(242 |
) |
|
— |
|
Numerator for diluted EPS on net income attributable to COPT common shareholders |
$ |
(13,927 |
) |
|
$ |
7,033 |
|
|
$ |
(4,702 |
) |
|
$ |
13,162 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
85,425 |
|
|
71,624 |
|
|
83,422 |
|
|
71,541 |
|
Dilutive effect of common units |
3,801 |
|
|
— |
|
|
3,847 |
|
|
— |
|
Dilutive effect of share-based compensation awards |
— |
|
|
25 |
|
|
— |
|
|
35 |
|
Denominator for basic and diluted EPS |
89,226 |
|
|
71,649 |
|
|
87,269 |
|
|
71,576 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
$ |
(0.12 |
) |
|
$ |
0.07 |
|
|
$ |
(0.04 |
) |
|
$ |
0.18 |
|
Discontinued operations attributable to COPT common shareholders |
(0.04 |
) |
|
0.03 |
|
|
(0.01 |
) |
|
— |
|
Net (loss) income attributable to COPT common shareholders |
$ |
(0.16 |
) |
|
$ |
0.10 |
|
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPT common shareholders |
$ |
(0.12 |
) |
|
$ |
0.07 |
|
|
$ |
(0.04 |
) |
|
$ |
0.18 |
|
Discontinued operations attributable to COPT common shareholders |
(0.04 |
) |
|
0.03 |
|
|
(0.01 |
) |
|
— |
|
Net (loss) income attributable to COPT common shareholders |
$ |
(0.16 |
) |
|
$ |
0.10 |
|
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
|
| 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, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Conversion of common units |
— |
|
|
4,255 |
|
|
— |
|
|
4,267 |
|
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Shares |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|
|
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, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(1,703 |
) |
|
$ |
9,722 |
|
|
$ |
9,059 |
|
|
$ |
22,112 |
|
Gain on sales of real estate, net |
329 |
|
|
21 |
|
|
2,683 |
|
|
21 |
|
Preferred unit distributions |
(5,050 |
) |
|
(4,332 |
) |
|
(11,321 |
) |
|
(8,522 |
) |
Issuance costs associated with redeemed preferred units |
(2,904 |
) |
|
— |
|
|
(2,904 |
) |
|
— |
|
(Loss) income from continuing operations attributable to noncontrolling interests |
(1,408 |
) |
|
10 |
|
|
(1,039 |
) |
|
586 |
|
Income from continuing operations attributable to restricted units |
(102 |
) |
|
(105 |
) |
|
(220 |
) |
|
(246 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
(10,838 |
) |
|
$ |
5,316 |
|
|
$ |
(3,742 |
) |
|
$ |
13,951 |
|
Discontinued operations |
(3,031 |
) |
|
2,118 |
|
|
(870 |
) |
|
(37 |
) |
Discontinued operations attributable to noncontrolling interests |
(65 |
) |
|
(9 |
) |
|
(98 |
) |
|
(15 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
(13,934 |
) |
|
$ |
7,425 |
|
|
$ |
(4,710 |
) |
|
$ |
13,899 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
89,226 |
|
|
75,879 |
|
|
87,269 |
|
|
75,808 |
|
Dilutive effect of share-based compensation awards |
— |
|
|
25 |
|
|
— |
|
|
35 |
|
Denominator for basic and diluted EPU |
89,226 |
|
|
75,904 |
|
|
87,269 |
|
|
75,843 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
$ |
(0.12 |
) |
|
$ |
0.07 |
|
|
$ |
(0.04 |
) |
|
$ |
0.18 |
|
Discontinued operations attributable to COPLP common unitholders |
(0.04 |
) |
|
0.03 |
|
|
(0.01 |
) |
|
— |
|
Net (loss) income attributable to COPLP common unitholders |
$ |
(0.16 |
) |
|
$ |
0.10 |
|
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations attributable to COPLP common unitholders |
$ |
(0.12 |
) |
|
$ |
0.07 |
|
|
$ |
(0.04 |
) |
|
$ |
0.18 |
|
Discontinued operations attributable to COPLP common unitholders |
(0.04 |
) |
|
0.03 |
|
|
(0.01 |
) |
|
— |
|
Net (loss) income attributable to COPLP common unitholders |
$ |
(0.16 |
) |
|
$ |
0.10 |
|
|
$ |
(0.05 |
) |
|
$ |
0.18 |
|
|
| 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 Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Units |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|