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

12 Months Ended

Dec. 31, 2020

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 Years Ended December 31,
	2020		2019		2018
Numerator:
Net income attributable to COPT	$	97,374	$	191,692	$	72,301


Income attributable to share-based compensation awards	(431)		(656)		(462)
Numerator for basic EPS on net income attributable to COPT common shareholders	$	96,943	$	191,036	$	71,839
Redeemable noncontrolling interests	—		132		—
Income attributable to share-based compensation awards	27		33		—
Numerator for diluted EPS on net income attributable to COPT common shareholders	$	96,970	$	191,201	$	71,839
Denominator (all weighted averages):
Denominator for basic EPS (common shares)	111,788		111,196		103,946
Dilutive effect of redeemable noncontrolling interests	—		119		—
Dilutive effect of share-based compensation awards	288		308		134
Dilutive effect of forward equity sale agreements	—		—		45

Denominator for diluted EPS (common shares)	112,076		111,623		104,125
Basic EPS	$	0.87	$	1.72	$	0.69
Diluted EPS	$	0.87	$	1.71	$	0.69

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,
	2020		2019		2018
Numerator:
Net income attributable to COPLP	$	98,854	$	194,619	$	74,703
Preferred unit distributions	(300)		(564)		(660)

Income attributable to share-based compensation awards	(511)		(785)		(462)
Numerator for basic EPU on net income attributable to COPLP common unitholders	98,043		193,270		73,581
Redeemable noncontrolling interests	—		132		—
Income attributable to share-based compensation awards	—		33		—
Numerator for diluted EPU on net income attributable to COPLP common unitholders	$	98,043	$	193,435	$	73,581
Denominator (all weighted averages):
Denominator for basic EPU (common units)	113,024		112,495		106,414
Dilutive effect of redeemable noncontrolling interests	—		119		—
Dilutive effect of share-based compensation awards	288		308		134
Dilutive effect of forward equity sale agreements	—		—		45
Denominator for diluted EPU (common units)	113,312		112,922		106,593
Basic EPU	$	0.87	$	1.72	$	0.69
Diluted EPU	$	0.87	$	1.71	$	0.69

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,
	2020	2019	2018
Conversion of common units	1,236	1,299	2,468
Conversion of redeemable noncontrolling interests	957	896	936
Conversion of Series I Preferred Units	171	176	176

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,
	2020	2019	2018
Conversion of redeemable noncontrolling interests	957	896	936
Conversion of Series I Preferred Units	171	176	176