| Quarterly Data (Unaudited) |
Quarterly Data (Unaudited)
The tables below set forth selected quarterly information for the years ended December 31, 2012 and 2011 (in thousands, except per share data). Certain of the amounts below have been reclassified to conform to the current period presentation of our consolidated financial statements.
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For the Year Ended December 31, 2012 |
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First Quarter |
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Second Quarter |
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Third Quarter |
|
Fourth Quarter |
Revenues |
$ |
132,195 |
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|
$ |
128,163 |
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|
$ |
130,144 |
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|
$ |
137,505 |
|
Operating income (loss) |
$ |
36,192 |
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|
$ |
33,837 |
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|
$ |
(8,586 |
) |
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$ |
34,522 |
|
Income (loss) from continuing operations |
$ |
12,685 |
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|
$ |
10,065 |
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$ |
(31,850 |
) |
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$ |
15,743 |
|
Discontinued operations |
$ |
(2,450 |
) |
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$ |
1,775 |
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$ |
11,085 |
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$ |
3,267 |
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Net income (loss) |
$ |
10,235 |
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$ |
11,861 |
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$ |
(20,765 |
) |
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$ |
19,010 |
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Net loss (income) attributable to noncontrolling interests |
60 |
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(556 |
) |
|
1,603 |
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(471 |
) |
Net income (loss) attributable to COPT |
10,295 |
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|
11,305 |
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(19,162 |
) |
|
18,539 |
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Preferred share dividends |
(4,025 |
) |
|
(4,167 |
) |
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(6,546 |
) |
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(6,106 |
) |
Issuance costs associated with redeemed preferred shares |
— |
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— |
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(1,827 |
) |
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— |
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Net income (loss) attributable to COPT common shareholders |
$ |
6,270 |
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$ |
7,138 |
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$ |
(27,535 |
) |
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$ |
12,433 |
|
Basic earnings per common share |
$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
0.16 |
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Diluted earnings per common share |
$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
0.16 |
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For the Year Ended December 31, 2011 |
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First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth Quarter |
Revenues |
$ |
126,320 |
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$ |
131,840 |
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$ |
126,707 |
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$ |
127,974 |
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Operating income (loss) |
$ |
787 |
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$ |
16,600 |
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$ |
27,400 |
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$ |
(9,007 |
) |
(Loss) income from continuing operations |
$ |
(22,851 |
) |
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$ |
(397 |
) |
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$ |
1,669 |
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$ |
(60,325 |
) |
Discontinued operations |
$ |
1,584 |
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$ |
(25,008 |
) |
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$ |
5,801 |
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$ |
(30,781 |
) |
Net (loss) income |
$ |
(18,566 |
) |
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$ |
(25,378 |
) |
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$ |
7,470 |
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$ |
(91,102 |
) |
Net loss (income) attributable to noncontrolling interests |
1,204 |
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1,964 |
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(626 |
) |
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5,606 |
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Net (loss) income attributable to COPT |
(17,362 |
) |
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(23,414 |
) |
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6,844 |
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(85,496 |
) |
Preferred share dividends |
(4,025 |
) |
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(4,026 |
) |
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(4,025 |
) |
|
(4,026 |
) |
Net (loss) income attributable to COPT common shareholders |
$ |
(21,387 |
) |
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$ |
(27,440 |
) |
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$ |
2,819 |
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$ |
(89,522 |
) |
Basic earnings per common share |
$ |
(0.33 |
) |
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$ |
(0.40 |
) |
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$ |
0.04 |
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$ |
(1.26 |
) |
Diluted earnings per common share |
$ |
(0.33 |
) |
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$ |
(0.41 |
) |
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$ |
0.04 |
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$ |
(1.26 |
) |
The amounts reported above were revised for the error corrections described in Note 2. The tables below set forth the revisions to the selected quarterly information (the “Previously Reported” columns include the effects of other reclassifications and retrospective changes in presentation discussed in Note 2)(in thousands):
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Three Months Ended |
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3/31/2012 |
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6/30/2012 |
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9/30/2012 |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
Income (loss) from continuing operations |
$ |
9,427 |
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$ |
12,685 |
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$ |
10,065 |
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$ |
10,065 |
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$ |
(31,850 |
) |
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$ |
(31,850 |
) |
Net income (loss) |
$ |
6,977 |
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$ |
10,235 |
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$ |
11,861 |
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$ |
11,861 |
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$ |
(20,765 |
) |
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$ |
(20,765 |
) |
Net (income) loss attributable to noncontrolling interests |
(300 |
) |
|
60 |
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(1,107 |
) |
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(556 |
) |
|
993 |
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|
1,603 |
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Net income (loss) attributable to COPT |
$ |
6,677 |
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$ |
10,295 |
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$ |
10,754 |
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$ |
11,305 |
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$ |
(19,772 |
) |
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$ |
(19,162 |
) |
Net income (loss) attributable to COPT common shareholders |
$ |
2,652 |
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$ |
6,270 |
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$ |
6,587 |
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$ |
7,138 |
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$ |
(28,145 |
) |
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$ |
(27,535 |
) |
Basic and diluted earnings per common share |
$ |
0.04 |
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$ |
0.09 |
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$ |
0.09 |
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$ |
0.10 |
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$ |
(0.39 |
) |
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$ |
(0.39 |
) |
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Three Months Ended |
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3/31/2011 |
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6/30/2011 |
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9/30/2011 |
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12/31/2011 |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
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Previously Reported |
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As Revised |
(Loss) income from continuing operations |
$ |
(22,851 |
) |
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$ |
(22,851 |
) |
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$ |
(1,026 |
) |
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$ |
(397 |
) |
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$ |
1,669 |
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$ |
1,669 |
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$ |
(56,438 |
) |
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$ |
(60,325 |
) |
Net (loss) income |
$ |
(18,566 |
) |
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$ |
(18,566 |
) |
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$ |
(26,007 |
) |
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$ |
(25,378 |
) |
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$ |
7,470 |
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$ |
7,470 |
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$ |
(87,215 |
) |
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$ |
(91,102 |
) |
Net loss (income) attributable to noncontrolling interests |
776 |
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|
1,204 |
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|
1,783 |
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|
1,964 |
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(904 |
) |
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(626 |
) |
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4,988 |
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|
5,606 |
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Net (loss) income attributable to COPT |
$ |
(17,790 |
) |
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$ |
(17,362 |
) |
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$ |
(24,224 |
) |
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$ |
(23,414 |
) |
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$ |
6,566 |
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$ |
6,844 |
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$ |
(82,227 |
) |
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$ |
(85,496 |
) |
Net (loss) income attributable to COPT common shareholders |
$ |
(21,815 |
) |
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$ |
(21,387 |
) |
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$ |
(28,250 |
) |
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$ |
(27,440 |
) |
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$ |
2,541 |
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$ |
2,819 |
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$ |
(86,253 |
) |
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$ |
(89,522 |
) |
Basic earnings per common share |
$ |
(0.33 |
) |
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$ |
(0.33 |
) |
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$ |
(0.42 |
) |
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$ |
(0.40 |
) |
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$ |
0.03 |
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$ |
0.04 |
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$ |
(1.21 |
) |
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$ |
(1.26 |
) |
Diluted earnings per common share |
$ |
(0.33 |
) |
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$ |
(0.33 |
) |
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$ |
(0.42 |
) |
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$ |
(0.41 |
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$ |
0.03 |
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$ |
0.04 |
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$ |
(1.21 |
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$ |
(1.26 |
) |
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