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Earnings Per Share ("EPS") | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share (“EPS”) | Earnings Per Share (“EPS”) We present both basic and diluted EPS. We compute basic EPS by dividing net income available to common shareholders allocable to unrestricted common shares under the two-class method by the weighted average number of unrestricted common shares outstanding during the period. Our computation of diluted EPS is similar except that: •the denominator is increased to include: (1) the weighted average number of potential additional common shares that would have been outstanding if securities that are convertible into common shares were converted; and (2) the effect of dilutive potential common shares outstanding during the period attributable to redeemable noncontrolling interests and share-based compensation awards using the if-converted or treasury stock methods; and •the numerator is adjusted to add back any changes in income or loss that would result from the assumed conversion into common shares that we add to the denominator. 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Numerator: |  |  |  |  |  |  |
Net income attributable to COPT | $ | 42,401 |  |  | $ | 23,497 |  |  | $ | 35,732 |  |  | $ | 47,551 |
Income attributable to share-based compensation awards | (136) |  |  | (115) |  |  | (244) |  |  | (220) |
Numerator for basic EPS on net income attributable to COPT common shareholders | 42,265 |  |  | 23,382 |  |  | 35,488 |  |  | 47,331 |
Redeemable noncontrolling interests | (20) |  |  | — |  |  | 7 |  |  | — |
Income attributable to share-based compensation awards | 11 |  |  | 6 |  |  | 9 |  |  | 14 |
Numerator for diluted EPS on net income attributable to COPT common shareholders | $ | 42,256 |  |  | $ | 23,388 |  |  | $ | 35,504 |  |  | $ | 47,345 |
Denominator (all weighted averages): |  |  |  |  |  |  |
Denominator for basic EPS (common shares) | 111,974 |  |  | 111,800 |  |  | 111,931 |  |  | 111,762 |
Dilutive effect of redeemable noncontrolling interests | 133 |  |  | — |  |  | 125 |  |  | — |
Dilutive effect of share-based compensation awards | 297 |  |  | 321 |  |  | 280 |  |  | 280 |
Denominator for diluted EPS (common shares) | 112,404 |  |  | 112,121 |  |  | 112,336 |  |  | 112,042 |
Basic EPS | $ | 0.38 |  |  | $ | 0.21 |  |  | $ | 0.32 |  |  | $ | 0.42 |
Diluted EPS | $ | 0.38 |  |  | $ | 0.21 |  |  | $ | 0.32 |  |  | $ | 0.42 |
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Conversion of common units | 1,262 |  |  | 1,237 |  |  | 1,254 |  |  | 1,232 |
Conversion of redeemable noncontrolling interests | 776 |  |  | 878 |  |  | 799 |  |  | 944 |
Conversion of Series I Preferred Units | — |  |  | 176 |  |  | — |  |  | 176 |
The following securities were also excluded from the computation of diluted EPS because their effect was antidilutive: •weighted average restricted shares and deferred share awards for the three months ended June 30, 2021 and 2020 of 420,000 and 429,000, respectively, and for the six months ended June 30, 2021 and 2020 of 419,000 and 434,000, respectively; •weighted average unvested TB-PIUs for the three months ended June 30, 2021 and 2020 of 166,000 and 90,000, respectively, and for the six months ended June 30, 2021 and 2020 of 148,000 and 82,000, respectively; and •weighted average unvested PB-PIUs for the three and six months ended June 30, 2021 of 228,000

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