Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)

v3.3.0.814
Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables)
9 Months Ended
Sep. 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 September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 

 
 

 
 
 
 
Income from continuing operations
$
94,279

 
$
13,727

 
$
122,105

 
$
28,635

Gain on sales of real estate, net
15

 
10,630

 
4,000

 
10,630

Preferred share dividends
(3,552
)
 
(3,553
)
 
(10,657
)
 
(12,387
)
Issuance costs associated with redeemed preferred shares

 

 

 
(1,769
)
Income from continuing operations attributable to noncontrolling interests
(4,494
)
 
(1,820
)
 
(7,322
)
 
(3,923
)
Income from continuing operations attributable to share-based compensation awards
(369
)
 
(103
)
 
(475
)
 
(332
)
Numerator for basic EPS from continuing operations attributable to COPT common shareholders
85,879

 
18,881

 
107,651

 
20,854

Convertible preferred shares
372

 

 

 

Dilutive effect of common units in COPLP on diluted EPS from continuing operations

 

 
4,225

 

Numerator for diluted EPS from continuing operations attributable to COPT common shareholders
$
86,251

 
$
18,881

 
$
111,876

 
$
20,854

Numerator for basic EPS from continuing operations attributable to COPT common shareholders
$
85,879

 
$
18,881

 
$
107,651

 
$
20,854

Discontinued operations

 
191

 
156

 
4

Discontinued operations attributable to noncontrolling interests

 
(8
)
 
(3
)
 
5

Numerator for basic EPS on net income attributable to COPT common shareholders
85,879

 
19,064

 
107,804

 
20,863

Convertible preferred shares
372

 

 

 

Dilutive effect of common units in COPLP

 

 
4,231

 

Numerator for diluted EPS on net income attributable to COPT common shareholders
$
86,251

 
$
19,064

 
$
112,035

 
$
20,863

Denominator (all weighted averages):
 

 
 

 
 
 
 
Denominator for basic EPS (common shares)
94,153

 
87,290

 
93,830

 
87,196

Convertible preferred shares
434

 

 

 

Dilutive effect of common units

 

 
3,697

 

Dilutive effect of share-based compensation awards
21

 
195

 
82

 
169

Denominator for diluted EPS (common shares)
94,608

 
87,485

 
97,609

 
87,365

Basic EPS:
 

 
 

 
 
 
 
Income from continuing operations attributable to COPT common shareholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

Discontinued operations attributable to COPT common shareholders
0.00

 
0.00

 
0.00

 
0.00

Net income attributable to COPT common shareholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

Diluted EPS:
 

 
 

 
 
 
 
Income from continuing operations attributable to COPT common shareholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

Discontinued operations attributable to COPT common shareholders
0.00

 
0.00

 
0.00

 
0.00

Net income attributable to COPT common shareholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

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 September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Conversion of common units
3,679

 
3,876

 

 
3,915

Conversion of Series I Preferred Units
176

 
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 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 September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Numerator:
 

 
 

 
 
 
 
Income from continuing operations
$
94,279

 
$
13,727

 
$
122,105

 
$
28,635

Gain on sales of real estate, net
15

 
10,630

 
4,000

 
10,630

Preferred unit distributions
(3,717
)
 
(3,718
)
 
(11,152
)
 
(12,882
)
Issuance costs associated with redeemed preferred units

 

 

 
(1,769
)
Income from continuing operations attributable to noncontrolling interests
(972
)
 
(897
)
 
(2,605
)
 
(2,476
)
Income from continuing operations attributable to share-based compensation awards
(369
)
 
(103
)
 
(475
)
 
(332
)
Numerator for basic EPU from continuing operations attributable to COPLP common unitholders
89,236

 
19,639

 
111,873

 
21,806

Convertible preferred units
372

 

 

 

Numerator for diluted EPU from continuing operations attributable to COPLP common unitholders
$
89,608

 
$
19,639

 
$
111,873

 
$
21,806

 
 
 
 
 
 
 
 
Numerator for basic EPU from continuing operations attributable to COPLP common unitholders
$
89,236

 
$
19,639

 
$
111,873

 
$
21,806

Discontinued operations

 
191

 
156

 
4

Discontinued operations attributable to noncontrolling interests

 

 
3

 
5

Numerator for basic EPU on net income attributable to COPLP common unitholders
89,236

 
19,830

 
112,032

 
21,815

Convertible preferred units
372

 

 

 

Numerator for diluted EPU on net income attributable to COPLP common unitholders
$
89,608

 
$
19,830

 
$
112,032

 
$
21,815

Denominator (all weighted averages):
 

 
 

 
 
 
 
Denominator for basic EPU (common units)
97,832

 
91,166

 
97,527

 
91,111

Convertible preferred shares
434

 

 

 

Dilutive effect of share-based compensation awards
21

 
195

 
82

 
169

Denominator for basic and diluted EPU (common units)
98,287

 
91,361

 
97,609

 
91,280

Basic EPU:
 

 
 

 
 
 
 
Income from continuing operations attributable to COPLP common unitholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

Discontinued operations attributable to COPLP common unitholders
0.00

 
0.00

 
0.00

 
0.00

Net income attributable to COPLP common unitholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

Diluted EPU:
 

 
 

 
 
 
 
Income from continuing operations attributable to COPLP common unitholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

Discontinued operations attributable to COPLP common unitholders
0.00

 
0.00

 
0.00

 
0.00

Net income attributable to COPLP common unitholders
$
0.91

 
$
0.22

 
$
1.15

 
$
0.24

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 September 30,
 
For the Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
Conversion of Series I preferred units
176

 
176

 
176

 
176

Conversion of Series K preferred units

 
434

 
434

 
434