COPT Defense Properties Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Earnings Per Share ("EPS") (Tables)

Earnings Per Share ("EPS") (Tables)

12 Months Ended

Dec. 31, 2025

Schedule 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,
	2025		2024		2023
Numerator




Net income (loss) attributable to common shareholders	$	152,315	$	138,929	$	(73,469)
Income attributable to share-based compensation awards for basic EPS	(622)		(510)		(1,199)
Numerator for basic EPS on net income (loss) attributable to common shareholders	151,693		138,419		(74,668)

Adjustment to income attributable to share-based compensation awards for diluted EPS	187		89		—




Numerator for diluted EPS on net income (loss) attributable to common shareholders	$	151,880	$	138,508	$	(74,668)

Denominator (all weighted averages)
Denominator for basic EPS (common shares)	112,516		112,296		112,178

Dilutive effect of share-based compensation awards	788		603		—


Denominator for diluted EPS (common shares)	113,304		112,899		112,178




Basic EPS attributable to common shareholders	$	1.35	$	1.23	$	(0.67)



Diluted EPS attributable to common shareholders	$	1.34	$	1.23	$	(0.67)

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,
	2025	2024	2023
Conversion of common units	2,083	1,672	1,509
Conversion of redeemable noncontrolling interests	847	842	969