Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share

The following is the calculation of the Company’s basic EPS (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	35,039	$	52,920	$	93,813	$	89,745
Basic weighted-average shares of common stock    outstanding		321,199		286,840		314,501		285,129
Basic earnings (loss) per share	$	0.11	$	0.18	$	0.30	$	0.31

Calculation of Fully Diluted Earnings Per Share

The following is the calculation of the Company’s fully diluted EPS (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended         June 30,
	2018		2017		2018		2017
Fully diluted (loss) earnings per share
Net income (loss) available to common    stockholders	$	35,039	$	52,920	$	93,813	$	89,745
Allocations of net income (loss) to limited    partnership interests, net of tax		15,406		28,952		45,389		48,761
Net income (loss) for fully diluted shares	$	50,445	$	81,872	$	139,202	$	138,506
Weighted-average shares:
Common stock outstanding		321,199		286,840		314,501		285,129
Partnership units1		158,740		163,327		163,942		161,311
RSUs (Treasury stock method)		311		409		454		525
Other		1,211		1,281		1,296		1,382
Fully diluted weighted-average shares of    common stock outstanding		481,461		451,857		480,193		448,347
Fully diluted earnings (loss) per share	$	0.10	$	0.18	$	0.29	$	0.31

¹ Partnership units collectively include founding/working partner units, limited partnership units, and Cantor units (see Note 2—“Limited Partnership Interests” for more information).