XML 74 R50.htm IDEA: XBRL DOCUMENT v3.3.1.900
Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)
12 Months Ended
Dec. 31, 2015
Earnings Per Share [Line Items]  
Summary of calculation of numerator and denominator in basic and diluted earning 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,
 
 
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
 
Income from continuing operations
 
$
120,675

 
$
34,509

 
$
36,836

Gain on sales of real estate, net
 
68,047

 
10,671

 
9,016

Preferred share dividends
 
(14,210
)
 
(15,939
)
 
(19,971
)
Issuance costs associated with redeemed preferred shares
 

 
(1,769
)
 
(2,904
)
Income from continuing operations attributable to noncontrolling interests
 
(10,575
)
 
(4,955
)
 
(4,486
)
Income from continuing operations attributable to restricted shares
 
(706
)
 
(432
)
 
(414
)
Numerator for basic EPS from continuing operations attributable to COPT common shareholders
 
$
163,231

 
$
22,085

 
$
18,077

Dilutive effect of common units in the Operating Partnership on diluted EPS from continuing operations
 
6,397

 

 

Numerator for diluted EPS from continuing operations attributable to COPT common shareholders
 
$
169,628

 
$
22,085

 
$
18,077

Numerator for basic EPS from continuing operations attributable to COPT common shareholders
 
$
163,231

 
$
22,085

 
$
18,077

Discontinued operations
 
156

 
26

 
55,692

Discontinued operations attributable to noncontrolling interests
 
(3
)
 
4

 
(3,351
)
Numerator for basic EPS on net income attributable to COPT common shareholders
 
$
163,384

 
$
22,115

 
$
70,418

Dilutive effect of common units in COPLP
 
6,403

 

 

Numerator for diluted EPS on net income attributable to COPT common shareholders
 
$
169,787

 
$
22,115

 
$
70,418

Denominator (all weighted averages):
 
 
 
 
 
 
Denominator for basic EPS (common shares)
 
93,914

 
88,092

 
85,167

Dilutive effect of common units
 
3,692

 

 

Dilutive effect of share-based compensation awards
 
61

 
171

 
57

Denominator for diluted EPS (common shares)
 
97,667

 
88,263

 
85,224

Basic EPS:
 
 
 
 
 
 
Income from continuing operations attributable to COPT common shareholders
 
$
1.74

 
$
0.25

 
$
0.21

Discontinued operations attributable to COPT common shareholders
 

 

 
0.62

Net income attributable to COPT common shareholders
 
$
1.74

 
$
0.25

 
$
0.83

Diluted EPS:
 
 
 
 
 
 
Income from continuing operations attributable to COPT common shareholders
 
$
1.74

 
$
0.25

 
$
0.21

Discontinued operations attributable to COPT common shareholders
 

 

 
0.62

Net income attributable to COPT common shareholders
 
$
1.74

 
$
0.25

 
$
0.83

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,
 
 
2015
 
2014
 
2013
Conversion of common units
 

 
3,897

 
3,869

Conversion of Series I preferred units
 
176

 
176

 
176

Conversion of Series K preferred shares
 
434

 
434

 
434

Corporate Office Properties, L.P. [Member]  
Earnings Per Share [Line Items]  
Summary of calculation of numerator and denominator in basic and diluted earning 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 Years Ended December 31,
 
 
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
 
Income from continuing operations
 
$
120,675

 
$
34,509

 
$
36,836

Gain on sales of real estate, net
 
68,047

 
10,671

 
9,016

Preferred unit distributions
 
(14,870
)
 
(16,599
)
 
(20,631
)
Issuance costs associated with redeemed preferred units
 

 
(1,769
)
 
(2,904
)
Income from continuing operations attributable to noncontrolling interests
 
(3,523
)
 
(3,281
)
 
(2,977
)
Income from continuing operations attributable to restricted units
 
(706
)
 
(432
)
 
(414
)
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders
 
$
169,623

 
$
23,099

 
$
18,926

Discontinued operations
 
156

 
26

 
55,692

Discontinued operations attributable to noncontrolling interests
 
3

 
5

 
(930
)
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders
 
$
169,782

 
$
23,130

 
$
73,688

Denominator (all weighted averages):
 
 
 
 
 
 
Denominator for basic EPU (common units)
 
97,606

 
91,989

 
89,036

Dilutive effect of share-based compensation awards
 
61

 
171

 
57

Denominator for diluted EPU (common units)
 
97,667

 
92,160

 
89,093

Basic EPU:
 
 
 
 
 
 
Income from continuing operations attributable to COPLP common unitholders
 
$
1.74

 
$
0.25

 
$
0.21

Discontinued operations attributable to COPLP common unitholders
 

 

 
0.62

Net income attributable to COPLP common unitholders
 
$
1.74

 
$
0.25

 
$
0.83

Diluted EPU:
 
 
 
 
 
 
Income from continuing operations attributable to COPLP common unitholders
 
$
1.74

 
$
0.25

 
$
0.21

Discontinued operations attributable to COPLP common unitholders
 

 

 
0.62

Net income attributable to COPLP common unitholders
 
$
1.74

 
$
0.25

 
$
0.83

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 Years Ended December 31,
 
 
2015
 
2014
 
2013
Conversion of Series I preferred units
 
176

 
176

 
176

Conversion of Series K preferred units
 
434

 
434

 
434