|
10. 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 nine months ended September 30, 2011, holders of 83,506 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 September 30, 2011 and September 30, 2010, $1.2375 in the nine months ended September 30, 2011 and $1.1975 in the nine months ended September 30, 2010.
See Note 12 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 Nine Months
|
|
|
|
|
Ended September 30,
|
|
|
|
|
2011
|
|
2010
|
|
|
Beginning balance
|
|
$
|
(4,163
|
)
|
$
|
(1,907
|
)
|
|
Amount of loss recognized in AOCL (effective portion)
|
|
(30,463
|
)
|
(5,844
|
)
|
|
Amount of loss reclassified from AOCL to income (effective portion)
|
|
3,446
|
|
2,684
|
|
|
Adjustment to AOCL attributable to noncontrolling interests
|
|
2,562
|
|
206
|
|
|
Ending balance
|
|
$
|
(28,618
|
)
|
$
|
(4,861
|
)
|
The table below sets forth total comprehensive (loss) income and total comprehensive (loss) income attributable to COPT (in thousands):
|
|
|
For the Three Months
|
|
For the Nine Months
|
|
|
|
|
Ended September 30,
|
|
Ended September 30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Net income (loss)
|
|
$
|
7,470
|
|
$
|
8,926
|
|
$
|
(37,103
|
)
|
$
|
28,752
|
|
|
Amount of loss recognized in AOCL
|
|
(21,869
|
)
|
(1,530
|
)
|
(30,463
|
)
|
(5,844
|
)
|
|
Amount of loss reclassified from AOCL to income
|
|
1,179
|
|
887
|
|
3,446
|
|
2,684
|
|
|
Total comprehensive (loss) income
|
|
(13,220
|
)
|
8,283
|
|
(64,120
|
)
|
25,592
|
|
|
Net (income) loss attributable to noncontrolling interests
|
|
(904
|
)
|
(94
|
)
|
1,655
|
|
(1,516
|
)
|
|
Other comprehensive loss attributable to
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests
|
|
1,206
|
|
47
|
|
1,594
|
|
245
|
|
|
Total comprehensive (loss) income attributable to COPT
|
|
$
|
(12,918
|
)
|
$
|
8,236
|
|
$
|
(60,871
|
)
|
$
|
24,321
|
|
|