Earnings Per Share ("EPS") and Earnings Per Unit (“EPU”) (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Line Items] |
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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 |
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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 |
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Corporate Office Properties, L.P. [Member] |
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Earnings Per Share [Line Items] |
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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 |
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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 |
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