Note 17 - Earnings Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

17. 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,
	2022			2021
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	230,948		$	131,588
Earnings attributable to participating securities		(1,360	)		(792	)
Net income available to the Company’s common shareholders for basic earnings per share		229,588			130,796
Distributions on convertible units		11			9
Net income available to the Company’s common shareholders for diluted earnings per share	$	229,599		$	130,805
Weighted average common shares outstanding – basic		614,767			430,524
Effect of dilutive securities (1):
Equity awards		1,874			1,606
Assumed conversion of convertible units		117			134
Weighted average common shares outstanding – diluted		616,758			432,264
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.37		$	0.30
Diluted earnings per share	$	0.37		$	0.30

(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 0.8 million stock options that were not dilutive as of March 31, 2021.

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.