COPT Defense Properties Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share ("EPS") (Tables)

Earnings Per Share ("EPS") (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
Numerator:
Income from continuing operations	$	80,398	$	31,251
Income from continuing operations attributable to noncontrolling interests	(1,619)		(1,084)
Income from continuing operations attributable to share-based compensation awards for basic EPS	(297)		(116)
Numerator for basic EPS from continuing operations attributable to common shareholders	78,482		30,051

Redeemable noncontrolling interests	(64)		(39)


Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS	49		18
Numerator for diluted EPS from continuing operations attributable to common shareholders	78,467		30,030
Discontinued operations	—		29,573
Discontinued operations attributable to noncontrolling interests	—		(421)
Income from discontinued operations attributable to share-based compensation awards for diluted EPS	—		(83)
Numerator for diluted EPS on net income attributable to common shareholders	$	78,467	$	59,099

Denominator (all weighted averages):
Denominator for basic EPS (common shares)	112,127		112,020


Dilutive effect of redeemable noncontrolling interests	91		132
Dilutive effect of share-based compensation awards	410		426
Denominator for diluted EPS (common shares)	112,628		112,578

Basic EPS attributable to common shareholders:
Income from continuing operations	$	0.70	$	0.27
Discontinued operations	—		0.26
Net income	$	0.70	$	0.53
Diluted EPS attributable to common shareholders:
Income from continuing operations	$	0.70	$	0.27
Discontinued operations	—		0.25
Net income	$	0.70	$	0.52

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 March 31,
	2023	2022
Conversion of common units	1,489	1,384
Conversion of redeemable noncontrolling interests	972	806