|
Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Earnings Per Share [Line Items] |
|
| 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 June 30, |
|
For the Six Months Ended June 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Numerator: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
9,248 |
|
|
$ |
(232 |
) |
|
$ |
14,908 |
|
|
$ |
11,430 |
|
Gain on sales of real estate, net |
— |
|
|
329 |
|
|
— |
|
|
2,683 |
|
Preferred share dividends |
(4,344 |
) |
|
(4,885 |
) |
|
(8,834 |
) |
|
(10,991 |
) |
Issuance costs associated with redeemed preferred shares |
(1,769 |
) |
|
(2,904 |
) |
|
(1,769 |
) |
|
(2,904 |
) |
Income from continuing operations attributable to noncontrolling interests |
(1,171 |
) |
|
(1,087 |
) |
|
(2,103 |
) |
|
(1,254 |
) |
Income from continuing operations attributable to restricted shares |
(108 |
) |
|
(102 |
) |
|
(229 |
) |
|
(220 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
1,856 |
|
|
(8,881 |
) |
|
1,973 |
|
|
(1,256 |
) |
Dilutive effect of common units in COPLP on diluted EPS from continuing operations |
— |
|
|
(478 |
) |
|
— |
|
|
(108 |
) |
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
1,856 |
|
|
$ |
(9,359 |
) |
|
$ |
1,973 |
|
|
$ |
(1,364 |
) |
Numerator for basic EPS from continuing operations attributable to COPT common shareholders |
$ |
1,856 |
|
|
$ |
(8,881 |
) |
|
$ |
1,973 |
|
|
$ |
(1,256 |
) |
Discontinued operations |
(198 |
) |
|
(4,502 |
) |
|
(187 |
) |
|
(3,241 |
) |
Discontinued operations attributable to noncontrolling interests |
11 |
|
|
127 |
|
|
13 |
|
|
37 |
|
Numerator for basic EPS on net income (loss) attributable to COPT common shareholders |
1,669 |
|
|
(13,256 |
) |
|
1,799 |
|
|
(4,460 |
) |
Dilutive effect of common units in COPLP |
— |
|
|
(671 |
) |
|
— |
|
|
(242 |
) |
Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders |
$ |
1,669 |
|
|
$ |
(13,927 |
) |
|
$ |
1,799 |
|
|
$ |
(4,702 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
87,214 |
|
|
85,425 |
|
|
87,148 |
|
|
83,422 |
|
Dilutive effect of common units |
— |
|
|
3,801 |
|
|
— |
|
|
3,847 |
|
Dilutive effect of share-based compensation awards |
201 |
|
|
— |
|
|
156 |
|
|
— |
|
Denominator for diluted EPS (common shares) |
87,415 |
|
|
89,226 |
|
|
87,304 |
|
|
87,269 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPT common shareholders |
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
(0.06 |
) |
|
0.00 |
|
|
(0.03 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
0.02 |
|
|
$ |
(0.16 |
) |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
Diluted EPS: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPT common shareholders |
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
(0.06 |
) |
|
0.00 |
|
|
(0.03 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
0.02 |
|
|
$ |
(0.16 |
) |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
|
| 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 June 30, |
|
For the Six Months Ended June 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Conversion of common units |
3,912 |
|
|
— |
|
|
3,934 |
|
|
— |
|
Conversion of Series I Preferred Units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K Preferred Shares |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|
|
Corporate Office Properties, L.P.
|
|
| Earnings Per Share [Line Items] |
|
| 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 EPU calculations are set forth below (in thousands, except per unit data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Numerator: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
9,248 |
|
|
$ |
(232 |
) |
|
$ |
14,908 |
|
|
$ |
11,430 |
|
Gain on sales of real estate, net |
— |
|
|
329 |
|
|
— |
|
|
2,683 |
|
Preferred unit distributions |
(4,509 |
) |
|
(5,050 |
) |
|
(9,164 |
) |
|
(11,321 |
) |
Issuance costs associated with redeemed preferred units |
(1,769 |
) |
|
(2,904 |
) |
|
(1,769 |
) |
|
(2,904 |
) |
Income from continuing operations attributable to noncontrolling interests |
(840 |
) |
|
(1,408 |
) |
|
(1,579 |
) |
|
(1,039 |
) |
Income from continuing operations attributable to restricted units |
(108 |
) |
|
(102 |
) |
|
(229 |
) |
|
(220 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
2,022 |
|
|
$ |
(9,367 |
) |
|
$ |
2,167 |
|
|
$ |
(1,371 |
) |
Discontinued operations |
(198 |
) |
|
(4,502 |
) |
|
(187 |
) |
|
(3,241 |
) |
Discontinued operations attributable to noncontrolling interests |
3 |
|
|
(65 |
) |
|
5 |
|
|
(98 |
) |
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
1,827 |
|
|
$ |
(13,934 |
) |
|
$ |
1,985 |
|
|
$ |
(4,710 |
) |
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
91,126 |
|
|
89,226 |
|
|
91,082 |
|
|
87,269 |
|
Dilutive effect of share-based compensation awards |
201 |
|
|
— |
|
|
156 |
|
|
— |
|
Denominator for basic and diluted EPU (common units) |
91,327 |
|
|
89,226 |
|
|
91,238 |
|
|
87,269 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPLP common unitholders |
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
(0.06 |
) |
|
0.00 |
|
|
(0.03 |
) |
Net income (loss) attributable to COPLP common unitholders |
$ |
0.02 |
|
|
$ |
(0.16 |
) |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to COPLP common unitholders |
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
(0.06 |
) |
|
0.00 |
|
|
(0.03 |
) |
Net income (loss) attributable to COPLP common unitholders |
$ |
0.02 |
|
|
$ |
(0.16 |
) |
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
|
| 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 Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|