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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2011
Shareholders' Equity |
Shareholders' Equity |
12. Shareholders' Equity Preferred Shares At December 31, 2011, we had 15.0 million preferred shares of beneficial interest ("preferred shares") authorized at $0.01 par value. The table below sets forth additional information pertaining to our preferred shares (dollars in thousands, except per share data):
Series |  | # of Shares Issued |  | Aggregate Liquidation Preference |  | Month of Issuance |  | Annual Dividend Yield |  | Annual Dividend Per Share |  | Earliest Redemption Date |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Series G |  |  | 2,200,000 |  | $ | 55,000 |  | August 2003 |  |  | 8.000 | % | $ | 2.00000 |  |  | 8/11/2008 |
Series H |  |  | 2,000,000 |  |  | 50,000 |  | December 2003 |  |  | 7.500 | % | $ | 1.87500 |  |  | 12/18/2008 |
Series J |  |  | 3,390,000 |  |  | 84,750 |  | July 2006 |  |  | 7.625 | % | $ | 1.90625 |  |  | 7/20/2011 |
Series K |  |  | 531,667 |  |  | 26,583 |  | January 2007 |  |  | 5.600 | % | $ | 2.80000 |  |  | 1/9/2017 |
|  |  | 8,121,667 |  | $ | 216,333 |  |  |  |  |  |  |  |  |  |  |  |
Each series of preferred shares is nonvoting and redeemable for cash in the amount of its liquidation preference at our option on or after the earliest redemption date. The Series K Cumulative Redeemable Preferred Shares are also convertible, subject to certain conditions, into common shares on the basis of 0.8163 common shares for each preferred share. Holders of all preferred shares are entitled to cumulative dividends, payable quarterly (as and if declared by our Board of Trustees). In the case of each series of preferred shares, there is a series of preferred units in the Operating Partnership owned by us that carries substantially the same terms. Common Shares During 2010 and 2011, we completed the following public offerings of common shares: • 7.475 million common shares in November 2010 at a public offering price of $34.25 per share for net proceeds of $245.8 million after underwriting discounts but before offering expenses; and • 4.6 million common shares in May 2011 at a public offering price of $33.00 per share for net proceeds of $145.7 million after underwriter discounts but before offering expenses. Holders of common units in our Operating Partnership converted their units into common shares on the basis of one common share for each common unit in the amount of 100,939 in 2011, 663,498 in 2010 and 2,841,394 in 2009. We declared dividends per common share of $1.65 in 2011, $1.61 in 2010 and $1.53 in 2009. See Note 14 for disclosure of common share activity pertaining to our share-based compensation plans. Accumulated Other Comprehensive Loss The table below sets forth activity in the accumulated other comprehensive loss component of shareholders' equity (in thousands):
|  | For the Years Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Beginning balance |  | $ | (4,163 | ) | $ | (1,907 | ) | $ | (4,749 | )
Amount of loss recognized in AOCL (effective portion) |  |  | (31,531 | ) |  | (5,473 | ) |  | (3,253 | )
Amount of loss reclassified from AOCL to income (effective portion) |  |  | 4,601 |  |  | 3,689 |  |  | 6,680 |
Amount of loss reclassified from AOCL to loss on interest rate derivatives upon discontinuing hedge accounting |  |  | 28,430 |  |  | — |  |  | — |
Adjustment to AOCL attributable to noncontrolling interests |  |  | 930 |  |  | (472 | ) |  | (585 | )
Ending balance |  | $ | (1,733 | ) | $ | (4,163 | ) | $ | (1,907 | )
The table below sets forth total comprehensive (loss) income and total comprehensive (loss) income attributable to COPT (in thousands):
|  | For the Years Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
Net (loss) income |  | $ | (124,318 | ) | $ | 45,504 |  | $ | 61,299 |
Amount of loss recognized in AOCL |  |  | (31,531 | ) |  | (5,473 | ) |  | (3,253 | )
Amount of loss reclassified from AOCL to income |  |  | 4,601 |  |  | 3,689 |  |  | 6,680 |
Amount of loss reclassified from AOCL to loss on interest rate derivatives upon discontinuing hedge accounting |  |  | 28,430 |  |  | — |  |  | — |
Total comprehensive (loss) income |  |  | (122,818 | ) |  | 43,720 |  |  | 64,726 |
Net loss (income) attributable to noncontrolling interests |  |  | 6,643 |  |  | (2,744 | ) |  | (4,970 | )
Other comprehensive (income) loss attributable to noncontrolling interests |  |  | (16 | ) |  | 153 |  |  | (349 | )
Total comprehensive (loss) income attributable to COPT |  | $ | (116,191 | ) | $ | 41,129 |  | $ | 59,407 |

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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 3, 4, 5, 6, 7, 8 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph d Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 1 -Section B -Paragraph 7, 11A -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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