Earnings Per Share

6 Months Ended

Jun. 30, 2019

The following table presents a reconciliation of income from operations used in the basic and diluted earnings per share ("EPS") calculations ($ in thousands, except for per share data):



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2019			2018			2019			2018
Net income	$	373,691		$	60,506		$	366,721		$	95,532
Net income attributable to noncontrolling interests	(2,852		)	(9,509		)	(5,323		)	(9,604		)
Preferred dividends	(8,124		)	(8,124		)	(16,248		)	(16,248		)
Net income allocable to common shareholders for basic earnings per common share	$	362,715		$	42,873		$	345,150		$	69,680
Add: Effect of Series J convertible perpetual preferred stock	2,250			2,250			4,500			4,500
Net income allocable to common shareholders for diluted earnings per common share	$	364,965		$	45,123		$	349,650		$	74,180



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2019		2018		2019		2018
Earnings allocable to common shares:
Numerator for basic earnings per share:
Net income allocable to common shareholders	$	362,715	$	42,873	$	345,150	$	69,680

Numerator for diluted earnings per share:
Net income allocable to common shareholders	$	364,965	$	45,123	$	349,650	$	74,180

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	64,019		67,932		65,873		67,922
Add: Effect of assumed shares issued under treasury stock method for restricted stock units	87		127		85		125
Add: Effect of series J convertible perpetual preferred stock	16,153		15,635		16,053		15,635
Weighted average common shares outstanding for diluted earnings per common share	80,259		83,694		82,011		83,682

Basic earnings per common share:
Net income allocable to common shareholders	$	5.67	$	0.63	$	5.24	$	1.03

Diluted earnings per common share:⁽¹⁾
Net income allocable to common shareholders	$	4.55	$	0.54	$	4.26	$	0.89

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(1)

For the three and six months ended June 30, 2019, the effect of certain of the Company's restricted stock awards were anti-dilutive. The Company will settle conversions of the 3.125% Convertible Notes (refer to Note 11) by paying the conversion value in cash up to the original principal amount of the notes being converted and shares of common stock to the extent of any conversion premium. The amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value calculated for each trading day in a 40 consecutive day observation period. Based upon the conversion price of the 3.125% Convertible Notes, no shares of common stock would have been issuable upon conversion of the 3.125% Convertible Notes for the three and six months ended June 30, 2019 and therefore the 3.125% Convertible Notes had no effect on diluted EPS for such periods.