For the Three Months

Ended March 31,

2012

2011

Numerator:

Income (loss) from continuing operations

$

2,592

$

(20,366

)

Gain on sales of real estate, net

—

2,701

Preferred share dividends

(4,025

)

(4,025

)

(Income) loss from continuing operations attributable to noncontrolling interests

(53

)

719

Income from continuing operations attributable to restricted shares

(141

)

(282

)

Numerator for basic EPS from continuing operations attributable to COPT common shareholders

(1,627

)

(21,253

)

Dilutive effect of common units in the Operating Partnership on diluted EPS from continuing operations

—

(1,422

)

Numerator for diluted EPS from continuing operations attributable to COPT common shareholders

$

(1,627

)

$

(22,675

)

Numerator for basic EPS from continuing operations attributable to COPT common shareholders

$

(1,627

)

$

(21,253

)

Discontinued operations

4,385

(901

)

Discontinued operations attributable to noncontrolling interests

(247

)

57

Numerator for basic EPS on net income (loss) attributable to COPT common shareholders

2,511

(22,097

)

Dilutive effect of common units in the Operating Partnership

—

(1,479

)

Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders

$

2,511

$

(23,576

)

Denominator (all weighted averages):

Denominator for basic EPS (common shares)

71,458

66,340

Dilutive effect of common units

—

4,396

Denominator for diluted EPS

71,458

70,736

Basic EPS:

Loss from continuing operations attributable to COPT common shareholders

$

(0.02

)

$

(0.32

)

Discontinued operations attributable to COPT common shareholders

0.06

(0.01

)

Net income (loss) attributable to COPT common shareholders

$

0.04

$

(0.33

)

Diluted EPS:

Loss from continuing operations attributable to COPT common shareholders

$

(0.02

)

$

(0.32

)

Discontinued operations attributable to COPT common shareholders

0.06

(0.01

)

Net income (loss) attributable to COPT common shareholders

$

0.04

$

(0.33

)