Note 14 - Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	110,343		$	741,539		$	241,931		$	825,285
Earnings attributable to participating securities		(672	)		(5,253	)		(1,475	)		(5,687	)
Net income available to the Company’s common shareholders for basic earnings per share		109,671			736,286			240,456			819,598
Distributions on convertible units		9			33			18			81
Net income available to the Company’s common shareholders for diluted earnings per share	$	109,680		$	736,319		$	240,474		$	819,679
Weighted average common shares outstanding – basic		431,011			429,967			430,769			429,851
Effect of dilutive securities (1):
Equity awards		1,356			970			1,528			1,469
Assumed conversion of convertible units		122			233			133			207
Weighted average common shares outstanding – diluted		432,489			431,170			432,430			431,527
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.25		$	1.71		$	0.56		$	1.91
Diluted earnings per share	$	0.25		$	1.71		$	0.56		$	1.90

(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 1.2 million stock options that were not dilutive as of June 30, 2021 and 2020, 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.