| 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 Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Numerator: |
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| Income from continuing operations |
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$ |
149,249 |
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$ |
78,220 |
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$ |
100,601 |
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| Income from continuing operations attributable to noncontrolling interests |
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(5,372) |
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(4,994) |
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(5,477) |
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| Income from continuing operations attributable to share-based compensation awards for basic EPS |
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(451) |
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(467) |
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(433) |
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| Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
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$ |
143,426 |
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$ |
72,759 |
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$ |
94,691 |
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| Redeemable noncontrolling interests |
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(169) |
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(128) |
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— |
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| Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS |
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78 |
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44 |
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27 |
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| Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
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$ |
143,335 |
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$ |
72,675 |
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$ |
94,718 |
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| Discontinued operations |
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29,573 |
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3,358 |
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2,277 |
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| Discontinued operations attributable to noncontrolling interests |
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(421) |
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(43) |
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(27) |
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| Income from discontinued operations attributable to share-based compensation awards for diluted EPS |
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(90) |
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6 |
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2 |
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| Numerator for diluted EPS on net income attributable to COPT common shareholders |
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$ |
172,397 |
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$ |
75,996 |
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$ |
96,970 |
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| Denominator (all weighted averages): |
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| Denominator for basic EPS (common shares) |
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112,073 |
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111,960 |
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111,788 |
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| Dilutive effect of redeemable noncontrolling interests |
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116 |
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128 |
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— |
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| Dilutive effect of share-based compensation awards |
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431 |
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330 |
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288 |
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| Denominator for diluted EPS (common shares) |
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112,620 |
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112,418 |
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112,076 |
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| Basic EPS: |
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| Income from continuing operations attributable to COPT common shareholders |
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$ |
1.28 |
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$ |
0.65 |
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$ |
0.85 |
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| Discontinued operations attributable to COPT common shareholders |
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0.26 |
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0.03 |
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0.02 |
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| Net income attributable to COPT common shareholders |
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$ |
1.54 |
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$ |
0.68 |
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$ |
0.87 |
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| Diluted EPS: |
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| Income from continuing operations attributable to COPT common shareholders |
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$ |
1.27 |
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$ |
0.65 |
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$ |
0.85 |
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| Discontinued operations attributable to COPT common shareholders |
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0.26 |
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0.03 |
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0.02 |
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| Net income attributable to COPT common shareholders |
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$ |
1.53 |
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$ |
0.68 |
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$ |
0.87 |
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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 for the Years Ended December 31, |
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2022 |
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2021 |
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2020 |
| Conversion of common units |
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1,454 |
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1,257 |
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1,236 |
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| Conversion of redeemable noncontrolling interests |
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866 |
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804 |
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957 |
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| Conversion of Series I Preferred Units |
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— |
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— |
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171 |
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