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Earnings Per Share ("EPS") and Earnings Per Unit ("EPU") (Tables) | 6 Months Ended
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Jun. 30, 2014
Earnings Per Share [Line Items] |
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 Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Numerator: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 9,248 |  |  | $ | (232 | ) |  | $ | 14,908 |  |  | $ | 11,430 |
Gain on sales of real estate, net | — |  |  | 329 |  |  | — |  |  | 2,683 |
Preferred share dividends | (4,344 | ) |  | (4,885 | ) |  | (8,834 | ) |  | (10,991 | )
Issuance costs associated with redeemed preferred shares | (1,769 | ) |  | (2,904 | ) |  | (1,769 | ) |  | (2,904 | )
Income from continuing operations attributable to noncontrolling interests | (1,171 | ) |  | (1,087 | ) |  | (2,103 | ) |  | (1,254 | )
Income from continuing operations attributable to restricted shares | (108 | ) |  | (102 | ) |  | (229 | ) |  | (220 | )
Numerator for basic EPS from continuing operations attributable to COPT common shareholders | 1,856 |  |  | (8,881 | ) |  | 1,973 |  |  | (1,256 | )
Dilutive effect of common units in COPLP on diluted EPS from continuing operations | — |  |  | (478 | ) |  | — |  |  | (108 | )
Numerator for diluted EPS from continuing operations attributable to COPT common shareholders | $ | 1,856 |  |  | $ | (9,359 | ) |  | $ | 1,973 |  |  | $ | (1,364 | )
Numerator for basic EPS from continuing operations attributable to COPT common shareholders | $ | 1,856 |  |  | $ | (8,881 | ) |  | $ | 1,973 |  |  | $ | (1,256 | )
Discontinued operations | (198 | ) |  | (4,502 | ) |  | (187 | ) |  | (3,241 | )
Discontinued operations attributable to noncontrolling interests | 11 |  |  | 127 |  |  | 13 |  |  | 37 |
Numerator for basic EPS on net income (loss) attributable to COPT common shareholders | 1,669 |  |  | (13,256 | ) |  | 1,799 |  |  | (4,460 | )
Dilutive effect of common units in COPLP | — |  |  | (671 | ) |  | — |  |  | (242 | )
Numerator for diluted EPS on net income (loss) attributable to COPT common shareholders | $ | 1,669 |  |  | $ | (13,927 | ) |  | $ | 1,799 |  |  | $ | (4,702 | )
Denominator (all weighted averages): |  |  |  |  |  |  |  |  |
Denominator for basic EPS (common shares) | 87,214 |  |  | 85,425 |  |  | 87,148 |  |  | 83,422 |
Dilutive effect of common units | — |  |  | 3,801 |  |  | — |  |  | 3,847 |
Dilutive effect of share-based compensation awards | 201 |  |  | — |  |  | 156 |  |  | — |
Denominator for diluted EPS (common shares) | 87,415 |  |  | 89,226 |  |  | 87,304 |  |  | 87,269 |
Basic EPS: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.02 |  |  | $ | (0.10 | ) |  | $ | 0.02 |  |  | $ | (0.02 | )
Discontinued operations attributable to COPT common shareholders | 0.00 |  |  | (0.06 | ) |  | 0.00 |  |  | (0.03 | )
Net income (loss) attributable to COPT common shareholders | $ | 0.02 |  |  | $ | (0.16 | ) |  | $ | 0.02 |  |  | $ | (0.05 | )
Diluted EPS: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to COPT common shareholders | $ | 0.02 |  |  | $ | (0.10 | ) |  | $ | 0.02 |  |  | $ | (0.02 | )
Discontinued operations attributable to COPT common shareholders | 0.00 |  |  | (0.06 | ) |  | 0.00 |  |  | (0.03 | )
Net income (loss) attributable to COPT common shareholders | $ | 0.02 |  |  | $ | (0.16 | ) |  | $ | 0.02 |  |  | $ | (0.05 | )
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 Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Conversion of common units | 3,912 |  |  | — |  |  | 3,934 |  |  | — |
Conversion of Series I Preferred Units | 176 |  |  | 176 |  |  | 176 |  |  | 176 |
Conversion of Series K Preferred Shares | 434 |  |  | 434 |  |  | 434 |  |  | 434 |
Corporate Office Properties, L.P. |
Earnings Per Share [Line Items] |
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 EPU calculations are set forth below (in thousands, except per unit data):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Numerator: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations | $ | 9,248 |  |  | $ | (232 | ) |  | $ | 14,908 |  |  | $ | 11,430 |
Gain on sales of real estate, net | — |  |  | 329 |  |  | — |  |  | 2,683 |
Preferred unit distributions | (4,509 | ) |  | (5,050 | ) |  | (9,164 | ) |  | (11,321 | )
Issuance costs associated with redeemed preferred units | (1,769 | ) |  | (2,904 | ) |  | (1,769 | ) |  | (2,904 | )
Income from continuing operations attributable to noncontrolling interests | (840 | ) |  | (1,408 | ) |  | (1,579 | ) |  | (1,039 | )
Income from continuing operations attributable to restricted units | (108 | ) |  | (102 | ) |  | (229 | ) |  | (220 | )
Numerator for basic and diluted EPU from continuing operations attributable to COPLP common unitholders | $ | 2,022 |  |  | $ | (9,367 | ) |  | $ | 2,167 |  |  | $ | (1,371 | )
Discontinued operations | (198 | ) |  | (4,502 | ) |  | (187 | ) |  | (3,241 | )
Discontinued operations attributable to noncontrolling interests | 3 |  |  | (65 | ) |  | 5 |  |  | (98 | )
Numerator for basic and diluted EPU on net income attributable to COPLP common unitholders | $ | 1,827 |  |  | $ | (13,934 | ) |  | $ | 1,985 |  |  | $ | (4,710 | )
Denominator (all weighted averages): |  |  |  |  |  |  |  |  |
Denominator for basic EPU (common units) | 91,126 |  |  | 89,226 |  |  | 91,082 |  |  | 87,269 |
Dilutive effect of share-based compensation awards | 201 |  |  | — |  |  | 156 |  |  | — |
Denominator for basic and diluted EPU (common units) | 91,327 |  |  | 89,226 |  |  | 91,238 |  |  | 87,269 |
Basic EPU: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to COPLP common unitholders | $ | 0.02 |  |  | $ | (0.10 | ) |  | $ | 0.02 |  |  | $ | (0.02 | )
Discontinued operations attributable to COPLP common unitholders | 0.00 |  |  | (0.06 | ) |  | 0.00 |  |  | (0.03 | )
Net income (loss) attributable to COPLP common unitholders | $ | 0.02 |  |  | $ | (0.16 | ) |  | $ | 0.02 |  |  | $ | (0.05 | )
Diluted EPU: |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to COPLP common unitholders | $ | 0.02 |  |  | $ | (0.10 | ) |  | $ | 0.02 |  |  | $ | (0.02 | )
Discontinued operations attributable to COPLP common unitholders | 0.00 |  |  | (0.06 | ) |  | 0.00 |  |  | (0.03 | )
Net income (loss) attributable to COPLP common unitholders | $ | 0.02 |  |  | $ | (0.16 | ) |  | $ | 0.02 |  |  | $ | (0.05 | )
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 Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Conversion of Series I preferred units | 176 |  |  | 176 |  |  | 176 |  |  | 176 |
Conversion of Series K preferred units | 434 |  |  | 434 |  |  | 434 |  |  | 434 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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