Note 13 - Earnings Per Share

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

13. 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
	March 31,
	2020			2019
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	83,746		$	101,635
Earnings attributable to participating securities		(686	)		(625	)
Net income available to the Company’s common shareholders for basic earnings per share		83,060			101,010
Distributions on convertible units		-			25
Net income available to the Company’s common shareholders for diluted earnings per share	$	83,060		$	101,035
Weighted average common shares outstanding – basic		429,735			419,464
Effect of dilutive securities (1):
Equity awards		717			1,182
Assumed conversion of convertible units		53			117
Weighted average common shares outstanding – diluted		430,505			420,763
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.19		$	0.24
Diluted earnings per share	$	0.19		$	0.24

(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 1.2 million and 1.3 million stock options that were not dilutive as of March 31, 2020 and 2019, 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.