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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Schedule of differences between taxable income reported on income tax returns and net income as reported on consolidated statements of operations | The differences between taxable income reported on our income tax returns (estimated 2014 and actual 2013 and 2012) and net income as reported on our consolidated statements of operations are set forth below (in thousands):
|  | For the Years Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (Estimated) |  |  |  |
COPLP consolidated net income |  | $ | 45,206 |  |  | $ | 101,544 |  |  | $ | 20,341 |
Adjustments: |  |  |  |  |  |
Rental revenue recognition |  | (3,932 | ) |  | 1,303 |  |  | (10,794 | )
Compensation expense recognition |  | 1,912 |  |  | 8,987 |  |  | (2,669 | )
Operating expense recognition |  | (2,260 | ) |  | (1,663 | ) |  | 1,158 |
Gain on sales of properties |  | (1,404 | ) |  | (50,860 | ) |  | (74,858 | )
Impairment losses |  | 1,367 |  |  | 32,047 |  |  | 66,910 |
Loss on interest rate derivatives |  | — |  |  | — |  |  | (29,805 | )
Gains from non-real estate investments |  | 405 |  |  | — |  |  | 7,854 |
Income from service operations |  | (391 | ) |  | 1,650 |  |  | 1,500 |
Income tax expense |  | 310 |  |  | 1,978 |  |  | 381 |
Depreciation and amortization |  | 41,500 |  |  | 20,834 |  |  | 24,804 |
Interest expense |  | 920 |  |  | 2,057 |  |  | 3,978 |
Income from unconsolidated entities |  | (187 | ) |  | 3,148 |  |  | (725 | )
COPLP consolidated noncontrolling interests |  | (3,285 | ) |  | (7,837 | ) |  | (636 | )
Other |  | 2,346 |  |  | 1,529 |  |  | (70 | )
COPLP consolidated taxable income |  | $ | 82,507 |  |  | $ | 114,717 |  |  | $ | 7,369 |
Noncontrolling interests, other |  | (3,247 | ) |  | (4,061 | ) |  | (622 | )
Other |  | — |  |  | — |  |  | 741 |
COPT consolidated taxable income |  | $ | 79,260 |  |  | $ | 110,656 |  |  | $ | 7,488 |
Schedule of characterization of dividends declared on common and preferred shares | The characterization of dividends declared on COPT’s common and preferred shares during each of the last three years was as follows:
|  | Common Shares |  | Preferred Shares
|  | For the Years Ended December 31, |  | For the Years Ended December 31,
|  | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Ordinary income |  | 64.5 | % |  | 71.8 | % |  | 33.2 | % |  | 90.9 | % |  | 76.2 | % |  | 100.0 | %
Long-term capital gain |  | 6.5 | % |  | 22.4 | % |  | 0.0 | % |  | 9.1 | % |  | 23.8 | % |  | 0.0 | %
Return of capital |  | 29.0 | % |  | 5.8 | % |  | 66.8 | % |  | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Components of provision for income tax | Our TRS’ provision for income tax consisted of the following expenses (in thousands):
|  | For the Years Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Deferred |  |  |  |  |  |
Federal |  | $ | 258 |  |  | $ | 1,742 |  |  | $ | 312 |
State |  | 52 |  |  | 236 |  |  | 69 |
Total income tax expense |  | $ | 310 |  |  | $ | 1,978 |  |  | $ | 381 |
Schedule of reconciliation of Federal statutory rate to effective tax rate | A reconciliation of our TRS’ Federal statutory rate to the effective tax rate for income tax reported on our statements of operations is set forth below:
|  | For the Years Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Income taxes at U.S. statutory rate |  | 34.0 | % |  | 34.0 | % |  | 34.0 | %
State and local, net of U.S. Federal tax benefit |  | 4.2 | % |  | 4.5 | % |  | 4.6 | %
Increase in deferred tax asset valuation allowance |  | 0.0 | % |  | 562.9 | % |  | 0.0 | %
Other |  | (0.4 | )% |  | (1.1 | )% |  | 0.0 | %
Effective tax rate |  | 37.8 | % |  | 600.3 | % |  | 38.6 | %
Schedule of tax effects of temporary differences and carry forwards in net deferred tax assets | The table below sets forth the tax effects of temporary differences and carry forwards included in the net deferred tax asset of our TRS (in thousands):
|  | December 31,
|  | 2014 |  | 2013
Operating loss forward |  | $ | 5,012 |  |  | $ | 5,382 |
Share-based compensation |  | 976 |  |  | 869 |
Accrued payroll |  | 195 |  |  | 221 |
Property |  | (119 | ) |  | (105 | )
Valuation allowance |  | (2,062 | ) |  | (2,062 | )
Deferred tax asset, net |  | $ | 4,002 |  |  | $ | 4,305 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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