2015 Q2 Form 10-Q Financial Statement

#000086054615000041 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $170.4M $139.8M
YoY Change 21.84% 2.41%
Cost Of Revenue $41.29M $23.14M
YoY Change 78.48% 19.37%
Gross Profit $129.1M $116.7M
YoY Change 10.61% -0.39%
Gross Profit Margin 75.76% 83.45%
Selling, General & Admin $7.534M $7.528M
YoY Change 0.08% 14.36%
% of Gross Profit 5.84% 6.45%
Research & Development $2.600M $1.400M
YoY Change 85.71% 7.69%
% of Gross Profit 2.01% 1.2%
Depreciation & Amortization $34.30M $31.70M
YoY Change 8.2% 7.82%
% of Gross Profit 26.57% 27.17%
Operating Expenses $7.534M $7.528M
YoY Change 0.08% 14.36%
Operating Profit $37.47M $31.84M
YoY Change 17.7% -20.86%
Interest Expense -$20.50M -$22.20M
YoY Change -7.66% 16.84%
% of Operating Profit -54.71% -69.73%
Other Income/Expense, Net
YoY Change
Pretax Income $16.88M $9.387M
YoY Change 79.82% -2885.46%
Income Tax $50.00K $92.00K
% Of Pretax Income 0.3% 0.98%
Net Earnings $15.78M $7.890M
YoY Change 100.01% -247.06%
Net Earnings / Revenue 9.26% 5.64%
Basic Earnings Per Share $0.13 $0.02
Diluted Earnings Per Share $0.13 $0.02
COMMON SHARES
Basic Shares Outstanding 94.13M shares 87.21M shares
Diluted Shares Outstanding 94.16M shares 87.42M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.10M $76.20M
YoY Change -51.31% 728.26%
Cash & Equivalents $37.07M $76.22M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $77.00M $22.90M
Prepaid Expenses
Receivables $16.20M $30.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $130.3M $130.0M
YoY Change 0.23% -23.48%
LONG-TERM ASSETS
Property, Plant & Equipment $6.340M $6.919M
YoY Change -8.37% -2.45%
Goodwill
YoY Change
Intangibles $81.73M $51.65M
YoY Change 58.25% -24.1%
Long-Term Investments $1.616M $2.219M
YoY Change -27.17%
Other Assets $90.70M $89.50M
YoY Change 1.34% -2.29%
Total Long-Term Assets $3.774B $3.580B
YoY Change 5.43% 1.41%
TOTAL ASSETS
Total Short-Term Assets $130.3M $130.0M
Total Long-Term Assets $3.774B $3.580B
Total Assets $3.904B $3.710B
YoY Change 5.24% 0.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $156.0M $105.2M
YoY Change 48.29% 24.94%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $213.5M $161.1M
YoY Change 32.53% 17.68%
LONG-TERM LIABILITIES
Long-Term Debt $2.130B $2.099B
YoY Change 1.47% 0.3%
Other Long-Term Liabilities $30.20M $30.40M
YoY Change -0.66% 9.35%
Total Long-Term Liabilities $2.160B $2.130B
YoY Change 1.44% 0.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $213.5M $161.1M
Total Long-Term Liabilities $2.160B $2.130B
Total Liabilities $2.374B $2.291B
YoY Change 3.63% 1.46%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $946.0K $877.0K
YoY Change 7.87% 2.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.450B $1.331B
YoY Change
Total Liabilities & Shareholders Equity $3.911B $3.710B
YoY Change 5.43% 0.27%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $15.78M $7.890M
YoY Change 100.01% -247.06%
Depreciation, Depletion And Amortization $34.30M $31.70M
YoY Change 8.2% 7.82%
Cash From Operating Activities $80.90M $51.50M
YoY Change 57.09% 262.68%
INVESTING ACTIVITIES
Capital Expenditures -$145.4M -$76.70M
YoY Change 89.57% 21.75%
Acquisitions
YoY Change
Other Investing Activities $2.800M -$2.500M
YoY Change -212.0% -131.65%
Cash From Investing Activities -$142.6M -$79.10M
YoY Change 80.28% 43.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 94.40M 85.60M
YoY Change 10.28% 221.8%
NET CHANGE
Cash From Operating Activities 80.90M 51.50M
Cash From Investing Activities -142.6M -79.10M
Cash From Financing Activities 94.40M 85.60M
Net Change In Cash 32.70M 58.00M
YoY Change -43.62% -505.59%
FREE CASH FLOW
Cash From Operating Activities $80.90M $51.50M
Capital Expenditures -$145.4M -$76.70M
Free Cash Flow $226.3M $128.2M
YoY Change 76.52% 66.06%

Facts In Submission

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CommitmentsAndContingencies
USD
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.2750
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.55
CY2015Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.2750
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
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16587000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
27292000 USD
CY2015Q2 us-gaap Contracts Revenue
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42172000 USD
us-gaap Contracts Revenue
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80496000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.55
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1081000 USD
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
93255284 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
94529618 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
87394512 shares
CY2014Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
87668308 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
93255284 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
94529618 shares
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
933000 USD
CY2015Q2 us-gaap Common Stock Value
CommonStockValue
946000 USD
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5058000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8390000 USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1542000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2871000 USD
CY2014Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
6139000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
10382000 USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
18129000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
30163000 USD
CY2014Q2 us-gaap Cost Of Services
CostOfServices
23136000 USD
us-gaap Cost Of Services
CostOfServices
41760000 USD
CY2015Q2 us-gaap Cost Of Services
CostOfServices
41293000 USD
us-gaap Cost Of Services
CostOfServices
78791000 USD
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
107984000 USD
us-gaap Costs And Expenses
CostsAndExpenses
229445000 USD
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
132892000 USD
us-gaap Costs And Expenses
CostsAndExpenses
263351000 USD
CY2014Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
CostsInExcessOfBillingsOnUncompletedContractsOrPrograms
6656000 USD
CY2015Q2 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
CostsInExcessOfBillingsOnUncompletedContractsOrPrograms
12051000 USD
CY2014Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
64797000 USD
CY2015Q2 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
67613000 USD
CY2014Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
95910000 USD
CY2015Q2 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
101488000 USD
CY2014Q4 us-gaap Deferred Revenue Leases Net
DeferredRevenueLeasesNet
13031000 USD
CY2015Q2 us-gaap Deferred Revenue Leases Net
DeferredRevenueLeasesNet
15179000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
4002000 USD
CY2015Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
4064000 USD
CY2014Q4 us-gaap Deposits Assets
DepositsAssets
516000 USD
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2014Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
28342000 USD
CY2015Q2 us-gaap Deposits Assets
DepositsAssets
2016000 USD
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
30895000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
74491000 USD
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33786000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
65385000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
75839000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
66404000 USD
CY2014Q4 us-gaap Development In Process
DevelopmentInProcess
545426000 USD
CY2015Q2 us-gaap Development In Process
DevelopmentInProcess
521991000 USD
CY2014Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
43772000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
93544000 USD
CY2015Q2 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
46418000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
97099000 USD
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
5000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
24000 USD
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
4000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
4000 USD
us-gaap Dividends
Dividends
57027000 USD
us-gaap Dividends
Dividends
59106000 USD
CY2014Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
29862000 USD
CY2015Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
30178000 USD
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2014Q4 us-gaap Equity Method Investments
EquityMethodInvestments
2368000 USD
CY2015Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1616000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
144613000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
139311000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
16600000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
8600000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5100000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6700000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
9500000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
14300000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
188467000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
221039000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
-4000 USD
us-gaap Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
3985000 USD
CY2014Q2 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
0 USD
us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
0 USD
CY2015Q2 us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
-1000 USD
us-gaap Gain Loss On Sale Of Properties Net Of Applicable Income Taxes
GainLossOnSaleOfPropertiesNetOfApplicableIncomeTaxes
3985000 USD
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-270000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-270000 USD
CY2015Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-65000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-68000 USD
CY2015Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
2400000 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
1329000 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
1472000 USD
CY2014Q4 us-gaap Incentive To Lessee
IncentiveToLessee
13344000 USD
CY2015Q2 us-gaap Incentive To Lessee
IncentiveToLessee
12964000 USD
CY2014Q2 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
9050000 USD
us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
14721000 USD
CY2015Q2 us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
17233000 USD
us-gaap Income Loss Before Gain Or Loss On Sale Of Properties Extraordinary Items And Cumulative Effects Of Accounting Changes
IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
27982000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
8077000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
12805000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
15402000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
28983000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
1171000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
2103000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
1436000 USD
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
2828000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9387000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15051000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
16880000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
27897000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
9248000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
14908000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
16839000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
27826000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.02
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.02
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.13
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.23
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.02
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.02
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.13
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.23
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-198000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-187000 USD
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
394000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
156000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-11000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-13000 USD
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
15000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
3000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-187000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-174000 USD
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
379000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
153000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2014Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-47000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13000 USD
CY2015Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
34000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
92000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
156000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
105000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-204000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3916000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-10655000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
13236000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
12557000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3213000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-6518000 USD
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
201000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
156000 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
35000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
114000 shares
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
43854000 USD
CY2015Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
81728000 USD
CY2014Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
23478000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
44305000 USD
CY2015Q2 us-gaap Interest And Debt Expense
InterestAndDebtExpense
21768000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
42606000 USD
CY2014Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1400000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3000000 USD
CY2015Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2000000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4100000 USD
us-gaap Interest Paid Net
InterestPaidNet
35365000 USD
us-gaap Interest Paid Net
InterestPaidNet
32375000 USD
CY2014Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
1855000 USD
CY2015Q2 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
3121000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
7890000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
2130956000 USD
CY2015Q2 us-gaap Liabilities
Liabilities
2373874000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3670257000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3910921000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Net Reported Amount Other
LoansAndLeasesReceivableNetReportedAmountOther
3797000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Net Reported Amount Other
LoansAndLeasesReceivableNetReportedAmountOther
3937000 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
1920057000 USD
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
2130170000 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
69461000 USD
CY2015Q2 us-gaap Minority Interest
MinorityInterest
67204000 USD
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
717000 USD
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
739000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
590000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
885000 USD
CY2014Q4 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
51534000 USD
CY2015Q2 us-gaap Minority Interest In Operating Partnerships
MinorityInterestInOperatingPartnerships
48707000 USD
CY2014Q4 us-gaap Minority Interest In Preferred Unit Holders
MinorityInterestInPreferredUnitHolders
8800000 USD
CY2015Q2 us-gaap Minority Interest In Preferred Unit Holders
MinorityInterestInPreferredUnitHolders
8800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
58934000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
169199000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-140041000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-261041000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
102950000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
122839000 USD
us-gaap Net Income Loss
NetIncomeLoss
12631000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
15781000 USD
us-gaap Net Income Loss
NetIncomeLoss
29136000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1777000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2028000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12228000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22031000 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
5265000 USD
CY2014Q2 us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
NoncontrollingInterestInNetIncomeLossOperatingPartnershipsNonredeemable
158000 USD
us-gaap Noncontrolling Interest In Net Income Loss Operating Partnerships Nonredeemable
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate Office Properties Trust (&#8220;COPT&#8221;) and subsidiaries (collectively, the &#8220;Company&#8221;) is a fully-integrated and self-managed real estate investment trust (&#8220;REIT&#8221;). Corporate Office Properties, L.P. (&#8220;COPLP&#8221;) and subsidiaries (collectively, the &#8220;Operating Partnership&#8221;) is the entity through which COPT, the sole general partner of COPLP, conducts almost all of its operations and owns almost all of its assets. Unless otherwise expressly stated or the context otherwise requires, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; as used herein refer to each of the Company and the Operating Partnership. We focus primarily on serving the specialized requirements of United States Government agencies and their contractors, most of whom are engaged in national security and information technology related activities. We generally acquire, develop, manage and lease office and data center properties concentrated in large office parks located near knowledge-based government demand drivers and/or in targeted markets or submarkets in the Greater Washington, DC/Baltimore region. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, our properties included the following:</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">179</font><font style="font-family:inherit;font-size:10pt;"> operating office properties totaling </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">18.0 million</font><font style="font-family:inherit;font-size:10pt;"> square feet (excluding </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> properties serving as collateral for a nonrecourse mortgage loan in default, as discussed further in the Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations section of this Quarterly Report on Form 10-Q);</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">12</font><font style="font-family:inherit;font-size:10pt;"> office properties under, or contractually committed for, construction or redevelopment that we estimate will total approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1.3 million</font><font style="font-family:inherit;font-size:10pt;"> square feet upon completion, including </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> partially operational property included above;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">1,450</font><font style="font-family:inherit;font-size:10pt;"> acres of land we control that we believe are potentially developable into approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">17.7 million</font><font style="font-family:inherit;font-size:10pt;"> square feet; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">a partially operational wholesale data center that is expected to have a critical load of </font><font style="font-family:inherit;font-size:10pt;">19.25</font><font style="font-family:inherit;font-size:10pt;"> megawatts upon completion.</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">COPLP owns real estate both directly and through subsidiary partnerships and limited liability companies (&#8220;LLCs&#8221;).&#160; In addition to owning real estate, COPLP also owns subsidiaries that provide real estate services such as property management and construction and development services primarily for our properties but also for third parties. Some of these services are performed by a taxable REIT subsidiary (&#8220;TRS&#8221;).</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity interests in COPLP are in the form of common and preferred units. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;">, COPT owned </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">96.3%</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding COPLP common units (&#8220;common units&#8221;) and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">95.5%</font><font style="font-family:inherit;font-size:10pt;"> of the outstanding COPLP preferred units (&#8220;preferred units&#8221;); the remaining common and preferred units in COPLP were owned by third parties. Common units in COPLP not owned by COPT carry certain redemption rights. The number of common units in COPLP owned by COPT is equivalent to the number of outstanding common shares of beneficial interest (&#8220;common shares&#8221;) of COPT, and the entitlement of all COPLP common units to quarterly distributions and payments in liquidation is substantially the same as those of COPT common shareholders. Similarly, in the case of each series of preferred units in COPLP held by COPT, there is a series of preferred shares of beneficial interest (&#8220;preferred shares&#8221;) in COPT that is equivalent in number and carries substantially the same terms as such series of COPLP preferred units. COPT&#8217;s common shares are publicly traded on the New York Stock Exchange (&#8220;NYSE&#8221;) under the ticker symbol &#8220;OFC&#8221;. </font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Because COPLP is managed by COPT, and COPT conducts substantially all of its operations through COPLP, we refer to COPT&#8217;s executive officers as COPLP&#8217;s executive officers, and although, as a partnership, COPLP does not have a board of trustees, we refer to COPT&#8217;s Board of Trustees as COPLP&#8217;s Board of Trustees.</font></div></div>

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