Note 28 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

28. 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,
	2022			2021			2020
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	100,758		$	818,643		$	975,417
Change in estimated redemption value of redeemable noncontrolling interests		-			2,304			2,160
Earnings attributable to participating securities		(2,182	)		(5,346	)		(6,347	)
Net income available to the Company’s common shareholders for basic earnings per share		98,576			815,601			971,230
Distributions on convertible units		-			3,087			161
Net income available to the Company’s common shareholders for diluted earnings per share	$	98,576		$	818,688		$	971,391
Weighted average common shares outstanding – basic		615,528			506,248			429,950
Effect of dilutive securities (1):
Equity awards		2,283			2,422			1,475
Assumed conversion of convertible units		47			2,715			208
Weighted average common shares outstanding – diluted		617,858			511,385			431,633
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.16		$	1.61		$	2.26
Diluted earnings per share	$	0.16		$	1.60		$	2.25

(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, 0 million and 1.2 million stock options that were not dilutive as of December 31, 2022, 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.