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9. Shareholders Equity
Common Shares
We completed a public offering of 4.6 million common shares in May 2011 at a price of $33.00 per share for net proceeds of $145.7 million after underwriter discounts but before offering expenses.
During the six months ended June 30, 2011, holders of 21,045 common units in our Operating Partnership converted their units into common shares on the basis of one common share for each common unit.
We declared dividends per common share of $0.4125 in the three months ended June 30, 2011, $0.3925 in the three months ended June 30, 2010, $0.825 in the six months ended June 30, 2011 and $0.785 in the six months ended June 30, 2010.
See Note 11 for disclosure of common share activity pertaining to our share-based compensation plans.
Accumulated Other Comprehensive Loss
The table below sets forth activity in the accumulated other comprehensive loss component of shareholders equity (in thousands):
|
|
|
For the Six Months
|
|
|
|
|
Ended June 30,
|
|
|
|
|
2011
|
|
2010
|
|
|
Beginning balance
|
|
$
|
(4,163
|
)
|
$
|
(1,907
|
)
|
|
Amount of loss recognized in AOCL (effective portion)
|
|
(8,594
|
)
|
(4,314
|
)
|
|
Amount of loss reclassified from AOCL to income (effective portion)
|
|
2,267
|
|
1,797
|
|
|
Adjustment to AOCL attributable to noncontrolling interests
|
|
866
|
|
161
|
|
|
Ending balance
|
|
$
|
(9,624
|
)
|
$
|
(4,263
|
)
|
The table below sets forth total comprehensive income and total comprehensive income attributable to COPT (in thousands):
|
|
|
For the Three Months
|
|
For the Six Months
|
|
|
|
|
Ended June 30,
|
|
Ended June 30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Net (loss) income
|
|
$
|
(26,007
|
)
|
$
|
9,151
|
|
$
|
(44,573
|
)
|
$
|
19,826
|
|
|
Amount of loss recognized in AOCL
|
|
(8,458
|
)
|
(1,929
|
)
|
(8,594
|
)
|
(4,314
|
)
|
|
Amount of loss reclassified from AOCL to income
|
|
1,163
|
|
886
|
|
2,267
|
|
1,797
|
|
|
Total comprehensive (loss) income
|
|
(33,302
|
)
|
8,108
|
|
(50,900
|
)
|
17,309
|
|
|
Net loss (income) attributable to noncontrolling interests
|
|
1,783
|
|
(685
|
)
|
2,559
|
|
(1,422
|
)
|
|
Other comprehensive loss attributable to noncontrolling interests
|
|
450
|
|
77
|
|
388
|
|
198
|
|
|
Total comprehensive (loss) income attributable to COPT
|
|
$
|
(31,069
|
)
|
$
|
7,500
|
|
$
|
(47,953
|
)
|
$
|
16,085
|
|
|