Earnings Per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	118,864	$	81,529	$	212,677	$	171,274
Basic weighted-average shares of common stock    outstanding		327,932		288,308		319,027		286,200
Basic earnings (loss) per share	$	0.36	$	0.28	$	0.67	$	0.60

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 September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Fully diluted (loss) earnings per share
Net income (loss) available to common    stockholders	$	118,864	$	81,529	$	212,677	$	171,274
Allocations of net income (loss) to limited    partnership interests, net of tax		52,856		45,966		98,245		94,727
Net income (loss) for fully diluted shares	$	171,720	$	127,495	$	310,922	$	266,001
Weighted-average shares:
Common stock outstanding		327,932		288,308		319,027		286,200
Partnership units1		158,104		167,287		161,974		163,325
RSUs (Treasury stock method)		300		539		412		505
Other		1,300		1,207		1,298		1,318
Fully diluted weighted-average shares of    common stock outstanding		487,636		457,341		482,711		451,348
Fully diluted earnings (loss) per share	$	0.35	$	0.28	$	0.64	$	0.59

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