Note 16 - Earnings Per Share

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

16. 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,
	2021			2020			2021			2020
Computation of Basic and Diluted Earnings Per Share:
Net income/(loss) available to the Company's common shareholders	$	501,385		$	(44,748	)	$	743,316		$	780,537
Earnings attributable to participating securities		(4,078	)		(251	)		(5,749	)		(5,259	)
Net income/(loss) available to the Company’s common shareholders for basic earnings per share		497,307			(44,999	)		737,567			775,278
Distributions on convertible units		42			-			3,009			119
Net income/(loss) available to the Company’s common shareholders for diluted earnings per share	$	497,349		$	(44,999	)	$	740,576		$	775,397
Weighted average common shares outstanding – basic		546,842			429,994			469,885			429,899
Effect of dilutive securities (1):
Equity awards		1,718			-			1,837			1,496
Assumed conversion of convertible units		206			-			2,730			207
Weighted average common shares outstanding – diluted		548,766			429,994			474,452			431,602
Net income/(loss) available to the Company's common shareholders:
Basic earnings per share	$	0.91		$	(0.10	)	$	1.57		$	1.80
Diluted earnings per share	$	0.91		$	(0.10	)	$	1.56		$	1.80

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income/(loss) 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 September 30, 2021 and 2020, 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.