|
Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Earnings Per Share [Line Items] |
|
| Summary of calculation of numerator and denominator in basic and diluted earning 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 Years Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Numerator: |
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
36,836 |
|
|
$ |
7,967 |
|
|
$ |
(79,201 |
) |
Gain on sales of real estate, net |
|
9,016 |
|
|
21 |
|
|
2,732 |
|
Preferred share dividends |
|
(19,971 |
) |
|
(20,844 |
) |
|
(16,102 |
) |
Issuance costs associated with redeemed preferred shares |
|
(2,904 |
) |
|
(1,827 |
) |
|
— |
|
(Income) loss from continuing operations attributable to noncontrolling interests |
|
(4,486 |
) |
|
1,309 |
|
|
5,128 |
|
Income from continuing operations attributable to restricted shares |
|
(414 |
) |
|
(469 |
) |
|
(1,037 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
|
$ |
18,077 |
|
|
$ |
(13,843 |
) |
|
$ |
(88,480 |
) |
Discontinued operations |
|
55,692 |
|
|
12,353 |
|
|
(51,107 |
) |
Discontinued operations attributable to noncontrolling interests |
|
(3,351 |
) |
|
(673 |
) |
|
3,020 |
|
Numerator for basic and diluted EPS on net income (loss)attributable to COPT common shareholders |
|
$ |
70,418 |
|
|
$ |
(2,163 |
) |
|
$ |
(136,567 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
|
85,167 |
|
|
73,454 |
|
|
69,382 |
|
Dilutive effect of share-based compensation awards |
|
57 |
|
|
— |
|
|
— |
|
Denominator for basic and diluted EPS (common shares) |
|
85,224 |
|
|
73,454 |
|
|
69,382 |
|
Basic EPS: |
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPT common shareholders |
|
$ |
0.21 |
|
|
$ |
(0.19 |
) |
|
$ |
(1.28 |
) |
Discontinued operations attributable to COPT common shareholders |
|
0.62 |
|
|
0.16 |
|
|
(0.69 |
) |
Net income (loss) attributable to COPT common shareholders |
|
$ |
0.83 |
|
|
$ |
(0.03 |
) |
|
$ |
(1.97 |
) |
Diluted EPS: |
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPT common shareholders |
|
$ |
0.21 |
|
|
$ |
(0.19 |
) |
|
$ |
(1.28 |
) |
Discontinued operations attributable to COPT common shareholders |
|
0.62 |
|
|
0.16 |
|
|
(0.69 |
) |
Net income (loss) attributable to COPT common shareholders |
|
$ |
0.83 |
|
|
$ |
(0.03 |
) |
|
$ |
(1.97 |
) |
|
| 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 Years Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Conversion of common units |
|
3,869 |
|
|
4,235 |
|
|
4,355 |
|
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred shares |
|
434 |
|
|
434 |
|
|
434 |
|
|
|
Corporate Office Properties, L.P.
|
|
| Earnings Per Share [Line Items] |
|
| Summary of calculation of numerator and denominator in basic and diluted earning 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 Years Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Numerator: |
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
36,836 |
|
|
$ |
7,967 |
|
|
$ |
(79,195 |
) |
Gain on sales of real estate, net |
|
9,016 |
|
|
21 |
|
|
2,732 |
|
Preferred unit distributions |
|
(20,631 |
) |
|
(21,504 |
) |
|
(16,762 |
) |
Issuance costs associated with redeemed preferred units |
|
(2,904 |
) |
|
(1,827 |
) |
|
— |
|
(Income) loss from continuing operations attributable to noncontrolling interests |
|
(2,977 |
) |
|
1,206 |
|
|
381 |
|
Income from continuing operations attributable to restricted units |
|
(414 |
) |
|
(469 |
) |
|
(1,037 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
|
$ |
18,926 |
|
|
$ |
(14,606 |
) |
|
$ |
(93,881 |
) |
Discontinued operations |
|
55,692 |
|
|
12,353 |
|
|
(51,107 |
) |
Discontinued operations attributable to noncontrolling interests |
|
(930 |
) |
|
(699 |
) |
|
(137 |
) |
Numerator for basic and diluted EPU on net income (loss) attributable to COPLP common unitholders |
|
$ |
73,688 |
|
|
$ |
(2,952 |
) |
|
$ |
(145,125 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
Denominator for basic EPU (common units) |
|
89,036 |
|
|
77,689 |
|
|
72,564 |
|
Dilutive effect of share-based compensation awards |
|
57 |
|
|
— |
|
|
— |
|
Denominator for basic and diluted EPU (common units) |
|
89,093 |
|
|
77,689 |
|
|
72,564 |
|
Basic EPU: |
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPLP common unitholders |
|
$ |
0.21 |
|
|
$ |
(0.19 |
) |
|
$ |
(1.29 |
) |
Discontinued operations attributable to COPLP common unitholders |
|
0.62 |
|
|
0.15 |
|
|
(0.71 |
) |
Net income (loss) attributable to COPLP common unitholders |
|
$ |
0.83 |
|
|
$ |
(0.04 |
) |
|
$ |
(2.00 |
) |
Diluted EPU: |
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPLP common unitholders |
|
$ |
0.21 |
|
|
$ |
(0.19 |
) |
|
$ |
(1.29 |
) |
Discontinued operations attributable to COPLP common unitholders |
|
0.62 |
|
|
0.15 |
|
|
(0.71 |
) |
Net income (loss) attributable to COPLP common unitholders |
|
$ |
0.83 |
|
|
$ |
(0.04 |
) |
|
$ |
(2.00 |
) |
|
| 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 Years Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Conversion of Series I preferred units |
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
|
434 |
|
|
434 |
|
|
434 |
|
|