Note 13 - Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Computation of Basic and Diluted Earnings Per Share:
Net (loss)/income available to the Company's common shareholders	$	(44,748	)	$	59,048		$	780,537		$	247,176
Earnings attributable to participating securities		(251	)		(654	)		(5,259	)		(1,939	)
Net (loss)/income available to the Company’s common shareholders for basic earnings per share		(44,999	)		58,394			775,278			245,237
Distributions on convertible units		-			-			119			20
Net (loss)/income available to the Company’s common shareholders for diluted earnings per share	$	(44,999	)	$	58,394		$	775,397		$	245,257
Weighted average common shares outstanding – basic		429,994			419,823			429,899			419,663
Effect of dilutive securities (1):
Equity awards		-			1,120			1,496			1,273
Assumed conversion of convertible units		-			59			207			50
Weighted average common shares outstanding – diluted		429,994			421,002			431,602			420,986
Net (loss)/income available to the Company's common shareholders:
Basic earnings per share	$	(0.10	)	$	0.14		$	1.80		$	0.58
Diluted earnings per share	$	(0.10	)	$	0.14		$	1.80		$	0.58

(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 0.5 million stock options that were not dilutive as of September 30, 2020 and 2019, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended September 30, 2020.

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.