COPT Defense Properties Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings Per Share ("EPS") (Tables)

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2024

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 Years Ended December 31,
	2024		2023		2022
Numerator:
Income (loss) from continuing operations	$	143,942	$	(74,347)	$	149,249


(Income) loss from continuing operations attributable to noncontrolling interests	(5,013)		878		(5,372)
Income from continuing operations attributable to share-based compensation awards for basic EPS	(510)		(1,199)		(451)
Numerator for basic EPS from continuing operations attributable to common shareholders	$	138,419	$	(74,668)	$	143,426
Redeemable noncontrolling interests	—		—		(169)
Adjustment to income from continuing operations attributable to share-based compensation awards for diluted EPS	89		—		78
Numerator for diluted EPS from continuing operations attributable to common shareholders	$	138,508	$	(74,668)	$	143,335
Discontinued operations	—		—		29,573
Discontinued operations attributable to noncontrolling interests	—		—		(421)
Income from discontinued operations attributable to share-based compensation awards for diluted EPS	—		—		(90)
Numerator for diluted EPS on net income (loss) attributable to common shareholders	$	138,508	$	(74,668)	$	172,397

Denominator (all weighted averages):
Denominator for basic EPS (common shares)	112,296		112,178		112,073
Dilutive effect of redeemable noncontrolling interests	—		—		116
Dilutive effect of share-based compensation awards	603		—		431


Denominator for diluted EPS (common shares)	112,899		112,178		112,620

Basic EPS attributable to common shareholders:
Income (loss) from continuing operations	$	1.23	$	(0.67)	$	1.28
Discontinued operations	—		—		0.26
Net income (loss)	$	1.23	$	(0.67)	$	1.54
Diluted EPS attributable to common shareholders:
Income (loss) from continuing operations	$	1.23	$	(0.67)	$	1.27
Discontinued operations	—		—		0.26
Net income (loss)	$	1.23	$	(0.67)	$	1.53

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,
	2024	2023	2022
Conversion of common units	1,672	1,509	1,454
Conversion of redeemable noncontrolling interests	842	969	866