|
Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
9 Months Ended |
|
Sep. 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(276 |
) |
|
$ |
(32,212 |
) |
|
$ |
8,783 |
|
|
$ |
(10,100 |
) |
Gain on sales of real estate, net |
— |
|
|
— |
|
|
2,683 |
|
|
21 |
|
Preferred share dividends |
(4,490 |
) |
|
(6,546 |
) |
|
(15,481 |
) |
|
(14,738 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
(1,827 |
) |
|
(2,904 |
) |
|
(1,827 |
) |
(Loss) income from continuing operations attributable to noncontrolling interests |
(990 |
) |
|
2,249 |
|
|
(2,139 |
) |
|
1,710 |
|
Income from continuing operations attributable to restricted shares |
(97 |
) |
|
(111 |
) |
|
(317 |
) |
|
(357 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
(5,853 |
) |
|
$ |
(38,447 |
) |
|
$ |
(9,375 |
) |
|
$ |
(25,291 |
) |
Discontinued operations |
(1,724 |
) |
|
11,447 |
|
|
(2,594 |
) |
|
11,410 |
|
Discontinued operations attributable to noncontrolling interests |
26 |
|
|
(646 |
) |
|
(42 |
) |
|
(603 |
) |
Numerator for basic and diluted EPS on net (loss) income attributable to COPT common shareholders |
$ |
(7,551 |
) |
|
$ |
(27,646 |
) |
|
$ |
(12,011 |
) |
|
$ |
(14,484 |
) |
Denominator for basic and diluted EPS (common shares) |
86,760 |
|
|
71,688 |
|
|
84,547 |
|
|
71,590 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to COPT common shareholders |
$ |
(0.07 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.35 |
) |
Discontinued operations attributable to COPT common shareholders |
(0.02 |
) |
|
0.15 |
|
|
(0.03 |
) |
|
0.15 |
|
Net loss attributable to COPT common shareholders |
$ |
(0.09 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.20 |
) |
Diluted EPS: |
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to COPT common shareholders |
$ |
(0.07 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.35 |
) |
Discontinued operations attributable to COPT common shareholders |
(0.02 |
) |
|
0.15 |
|
|
(0.03 |
) |
|
0.15 |
|
Net loss attributable to COPT common shareholders |
$ |
(0.09 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.20 |
) |
|
| 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 September 30, |
|
For the Nine Months Ended September 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Conversion of common units |
3,804 |
|
|
4,233 |
|
|
3,832 |
|
|
4,256 |
|
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 September 30, |
|
For the Nine Months Ended September 30, |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Numerator: |
|
|
|
|
|
|
|
|
|
(Loss) income from continuing operations |
$ |
(276 |
) |
|
$ |
(32,212 |
) |
|
$ |
8,783 |
|
|
$ |
(10,100 |
) |
Gain on sales of real estate, net |
— |
|
|
— |
|
|
2,683 |
|
|
21 |
|
Preferred unit distributions |
(4,655 |
) |
|
(6,711 |
) |
|
(15,976 |
) |
|
(15,233 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
(1,827 |
) |
|
(2,904 |
) |
|
(1,827 |
) |
(Loss) income from continuing operations attributable to noncontrolling interests |
(986 |
) |
|
243 |
|
|
(2,025 |
) |
|
829 |
|
Income from continuing operations attributable to restricted units |
(97 |
) |
|
(111 |
) |
|
(317 |
) |
|
(357 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
(6,014 |
) |
|
$ |
(40,618 |
) |
|
$ |
(9,756 |
) |
|
$ |
(26,667 |
) |
Discontinued operations |
(1,724 |
) |
|
11,447 |
|
|
(2,594 |
) |
|
11,410 |
|
Discontinued operations attributable to noncontrolling interests |
(49 |
) |
|
(647 |
) |
|
(147 |
) |
|
(662 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
(7,787 |
) |
|
$ |
(29,818 |
) |
|
$ |
(12,497 |
) |
|
$ |
(15,919 |
) |
|
|
|
|
|
|
|
|
Denominator for basic and diluted EPU (common units) |
90,564 |
|
|
75,921 |
|
|
88,379 |
|
|
75,846 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to COPLP common unitholders |
$ |
(0.07 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.35 |
) |
Discontinued operations attributable to COPLP common unitholders |
(0.02 |
) |
|
0.15 |
|
|
(0.03 |
) |
|
0.14 |
|
Net loss attributable to COPLP common unitholders |
$ |
(0.09 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.21 |
) |
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Loss from continuing operations attributable to COPLP common unitholders |
$ |
(0.07 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.35 |
) |
Discontinued operations attributable to COPLP common unitholders |
(0.02 |
) |
|
0.15 |
|
|
(0.03 |
) |
|
0.14 |
|
Net loss attributable to COPLP common unitholders |
$ |
(0.09 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.21 |
) |
|
| 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 September 30, |
|
For the Nine Months Ended September 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 |
|
|