Note 14 - Earnings Per Share

9 Months Ended

Sep. 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 September 30,						Nine months Ended September 30,
	2019			2018			2019			2018
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	59,048		$	85,624		$	247,176		$	365,977
Change in estimated redemption value of redeemable noncontrolling interests		-			(3,918	)		-			(3,918	)
Earnings attributable to participating securities		(654	)		(604	)		(1,939	)		(1,818	)
Net income available to the Company’s common shareholders for basic earnings per share		58,394			81,102			245,237			360,241
Distributions on convertible units		-			-			20			683
Net income available to the Company’s common shareholders for diluted earnings per share	$	58,394		$	81,102		$	245,257		$	360,924
Weighted average common shares outstanding – basic		419,823			419,230			419,663			421,106
Effect of dilutive securities (1):
Equity awards		1,120			534			1,273			515
Assumed conversion of convertible units		59			-			50			822
Weighted average common shares outstanding – diluted		421,002			419,764			420,986			422,443
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.14		$	0.19		$	0.58		$	0.86
Diluted earnings per share	$	0.14		$	0.19		$	0.58		$	0.85

(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 0.5 million and 1.3 million stock options that were not dilutive as of September 30, 2019 and 2018, respectively.

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.