Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| 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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Numerator: |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
16,839 |
|
|
$ |
9,248 |
|
|
$ |
27,826 |
|
|
$ |
14,908 |
|
Gain on sales of real estate, net |
(1 |
) |
|
— |
|
|
3,985 |
|
|
— |
|
Preferred share dividends |
(3,553 |
) |
|
(4,344 |
) |
|
(7,105 |
) |
|
(8,834 |
) |
Issuance costs associated with redeemed preferred shares |
— |
|
|
(1,769 |
) |
|
— |
|
|
(1,769 |
) |
Income from continuing operations attributable to noncontrolling interests |
(1,436 |
) |
|
(1,171 |
) |
|
(2,828 |
) |
|
(2,103 |
) |
Income from continuing operations attributable to share-based compensation awards |
(113 |
) |
|
(108 |
) |
|
(235 |
) |
|
(229 |
) |
Numerator for basic and diluted EPS from continuing operations attributable to COPT common shareholders |
$ |
11,736 |
|
|
$ |
1,856 |
|
|
$ |
21,643 |
|
|
$ |
1,973 |
|
Discontinued operations |
394 |
|
|
(198 |
) |
|
156 |
|
|
(187 |
) |
Discontinued operations attributable to noncontrolling interests |
(15 |
) |
|
11 |
|
|
(3 |
) |
|
13 |
|
Numerator for basic and diluted EPS on net income attributable to COPT common shareholders |
$ |
12,115 |
|
|
$ |
1,669 |
|
|
$ |
21,796 |
|
|
$ |
1,799 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPS (common shares) |
94,128 |
|
|
87,214 |
|
|
93,666 |
|
|
87,148 |
|
Dilutive effect of share-based compensation awards |
35 |
|
|
201 |
|
|
114 |
|
|
156 |
|
Denominator for diluted EPS (common shares) |
94,163 |
|
|
87,415 |
|
|
93,780 |
|
|
87,304 |
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPT common shareholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net income attributable to COPT common shareholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPT common shareholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Discontinued operations attributable to COPT common shareholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net income attributable to COPT common shareholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
|
| 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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Conversion of common units |
3,680 |
|
|
3,912 |
|
|
3,706 |
|
|
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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Numerator: |
|
|
|
|
|
|
|
|
|
Income from continuing operations |
$ |
16,839 |
|
|
$ |
9,248 |
|
|
$ |
27,826 |
|
|
$ |
14,908 |
|
Gain on sales of real estate, net |
(1 |
) |
|
— |
|
|
3,985 |
|
|
— |
|
Preferred unit distributions |
(3,718 |
) |
|
(4,509 |
) |
|
(7,435 |
) |
|
(9,164 |
) |
Issuance costs associated with redeemed preferred units |
— |
|
|
(1,769 |
) |
|
— |
|
|
(1,769 |
) |
Income from continuing operations attributable to noncontrolling interests |
(812 |
) |
|
(840 |
) |
|
(1,633 |
) |
|
(1,579 |
) |
Income from continuing operations attributable to share-based compensation awards |
(113 |
) |
|
(108 |
) |
|
(235 |
) |
|
(229 |
) |
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders |
$ |
12,195 |
|
|
$ |
2,022 |
|
|
$ |
22,508 |
|
|
$ |
2,167 |
|
Discontinued operations |
394 |
|
|
(198 |
) |
|
156 |
|
|
(187 |
) |
Discontinued operations attributable to noncontrolling interests |
— |
|
|
3 |
|
|
3 |
|
|
5 |
|
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders |
$ |
12,589 |
|
|
$ |
1,827 |
|
|
$ |
22,667 |
|
|
$ |
1,985 |
|
Denominator (all weighted averages): |
|
|
|
|
|
|
|
|
|
Denominator for basic EPU (common units) |
97,808 |
|
|
91,126 |
|
|
97,372 |
|
|
91,082 |
|
Dilutive effect of share-based compensation awards |
35 |
|
|
201 |
|
|
114 |
|
|
156 |
|
Denominator for basic and diluted EPU (common units) |
97,843 |
|
|
91,327 |
|
|
97,486 |
|
|
91,238 |
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPLP common unitholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net income attributable to COPLP common unitholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to COPLP common unitholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Discontinued operations attributable to COPLP common unitholders |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
Net income attributable to COPLP common unitholders |
$ |
0.13 |
|
|
$ |
0.02 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
|
| 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, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Conversion of Series I preferred units |
176 |
|
|
176 |
|
|
176 |
|
|
176 |
|
Conversion of Series K preferred units |
434 |
|
|
434 |
|
|
434 |
|
|
434 |
|
|