| 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):
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Numerator: |
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| Income from continuing operations |
$ |
32,316 |
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$ |
28,343 |
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$ |
97,162 |
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$ |
64,668 |
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| Income from continuing operations attributable to noncontrolling interests |
(1,395) |
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(1,688) |
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(3,764) |
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(3,756) |
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| Income from continuing operations attributable to share-based compensation awards for basic EPS |
(91) |
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(93) |
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(295) |
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(340) |
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| Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
30,830 |
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26,562 |
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93,103 |
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60,572 |
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| Redeemable noncontrolling interests |
(40) |
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(89) |
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(109) |
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(82) |
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| Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS |
16 |
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13 |
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51 |
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17 |
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| Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
30,806 |
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26,486 |
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93,045 |
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60,507 |
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| Discontinued operations |
— |
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451 |
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29,573 |
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1,945 |
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| Discontinued operations attributable to noncontrolling interests |
— |
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(5) |
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(421) |
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(24) |
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| Income from discontinued operations attributable to share-based compensation awards for diluted EPS |
— |
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1 |
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(90) |
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3 |
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| Numerator for diluted EPS on net income attributable to COPT common shareholders |
$ |
30,806 |
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$ |
26,933 |
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$ |
122,107 |
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$ |
62,431 |
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| Denominator (all weighted averages): |
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| Denominator for basic EPS (common shares) |
112,093 |
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111,985 |
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112,066 |
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111,949 |
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| Dilutive effect of redeemable noncontrolling interests |
105 |
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138 |
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121 |
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130 |
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| Dilutive effect of share-based compensation awards |
433 |
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375 |
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429 |
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285 |
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| Denominator for diluted EPS (common shares) |
112,631 |
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112,498 |
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112,616 |
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112,364 |
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| Basic EPS: |
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| Income from continuing operations attributable to COPT common shareholders |
$ |
0.28 |
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$ |
0.24 |
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$ |
0.83 |
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$ |
0.54 |
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| Discontinued operations attributable to COPT common shareholders |
— |
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— |
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0.26 |
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0.02 |
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| Net income attributable to COPT common shareholders |
$ |
0.28 |
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$ |
0.24 |
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$ |
1.09 |
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$ |
0.56 |
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| Diluted EPS: |
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| Income from continuing operations attributable to COPT common shareholders |
$ |
0.27 |
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$ |
0.24 |
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$ |
0.83 |
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$ |
0.54 |
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| Discontinued operations attributable to COPT common shareholders |
— |
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— |
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0.25 |
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0.02 |
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| Net income attributable to COPT common shareholders |
$ |
0.27 |
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$ |
0.24 |
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$ |
1.08 |
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$ |
0.56 |
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| 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):
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Weighted Average Shares Excluded from Denominator |
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Conversion of common units |
1,477 |
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1,262 |
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1,446 |
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1,257 |
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| Conversion of redeemable noncontrolling interests |
895 |
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782 |
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855 |
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793 |
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