Note 21 - Earnings Per Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

21. 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,
	2022			2021			2022			2021
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	51,647		$	501,385		$	156,844		$	743,316
Earnings attributable to participating securities		(582	)		(4,078	)		(1,581	)		(5,749	)
Net income available to the Company’s common shareholders for basic earnings per share		51,065			497,307			155,263			737,567
Distributions on convertible units		-			42			-			3,009
Net income available to the Company’s common shareholders for diluted earnings per share	$	51,065		$	497,349		$	155,263		$	740,576
Weighted average common shares outstanding – basic		615,832			546,842			615,417			469,885
Effect of dilutive securities (1):
Equity awards		2,133			1,718			2,392			1,837
Assumed conversion of convertible units		53			206			47			2,730
Weighted average common shares outstanding – diluted		618,018			548,766			617,856			474,452
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.08		$	0.91		$	0.25		$	1.57
Diluted earnings per share	$	0.08		$	0.91		$	0.25		$	1.56

(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 0.3 million and 0.5 million stock options that were not dilutive as of September 30, 2022 and 2021, 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.