Note 23 - Earnings Per Share

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

23. 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):

	For the Year Ended December 31,
	2020			2019			2018
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	975,417		$	339,988		$	439,604
Change in estimated redemption value of redeemable noncontrolling interests		2,160			-			(7,521	)
Earnings attributable to participating securities		(6,347	)		(2,599	)		(2,375	)
Net income available to the Company’s common shareholders for basic earnings per share		971,230			337,389			429,708
Distributions on convertible units		161			30			99
Net income available to the Company’s common shareholders for diluted earnings per share	$	971,391		$	337,419		$	429,807
Weighted average common shares outstanding – basic		429,950			420,370			420,641
Effect of dilutive securities (1):
Equity awards		1,475			1,365			628
Assumed conversion of convertible units		208			64			110
Weighted average common shares outstanding – diluted		431,633			421,799			421,379
Net income available to the Company's common shareholders:
Basic earnings per share	$	2.26		$	0.80		$	1.02
Diluted earnings per share	$	2.25		$	0.80		$	1.02

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations 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, 0.5 million and 1.3 million stock options that were not dilutive as of December 31, 2020, 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.