Note 18 - Earnings Per Share

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

18. 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,
	2023			2022
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company’s common shareholders	$	283,512		$	230,948
Earnings attributable to participating securities		(1,766	)		(1,360	)
Net income available to the Company’s common shareholders for basic earnings per share		281,746			229,588
Distributions on convertible units		1,118			11
Net income available to the Company’s common shareholders for diluted earnings per share	$	281,864		$	229,599
Weighted average common shares outstanding – basic		616,489			614,767
Effect of dilutive securities (1):
Equity awards		584			1,874
Assumed conversion of convertible units		2,555			117
Weighted average common shares outstanding – diluted		619,628			616,758
Net income available to the Company's common shareholders:
Basic earnings per share	$	0.46		$	0.37
Diluted earnings per share	$	0.46		$	0.37

(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.

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.