Note 14 - Earnings Per Share

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

14. Earnings Per Share

The following table sets forth the reconciliation of earnings and the weighted average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands except per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2019			2018			2019			2018
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	86,493		$	150,852		$	188,128		$	280,353
Earnings attributable to participating securities		(660	)		(863	)		(1,285	)		(1,472	)
Net income available to the Company’s common shareholders for basic earnings per share		85,833			149,989			186,843			278,881
Distributions on convertible units		-			282			20			521
Net income available to the Company’s common shareholders for diluted earnings per share	$	85,833		$	150,271		$	186,863		$	279,402
Weighted average common shares outstanding – basic		419,697			420,731			419,581			422,060
Effect of dilutive securities (1):
Equity awards		949			350			1,166			352
Assumed conversion of convertible units		-			847			51			824
Weighted average common shares outstanding – diluted		420,646			421,928			420,798			423,236
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.20		$	0.36		$	0.45		$	0.66
Diluted earnings per share	$	0.20		$	0.36		$	0.44		$	0.66

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 1.3 million and 3.2 million stock options that were not dilutive as of June 30, 2019 and 2018, respectively, and 2.3 million of restricted stock that were not dilutive for the three months ended  June 30, 2018.

The Company's unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings.