XML 160 R30.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 22 - Earnings Per Share
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]

22.  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,

  
   

2019

    

2018

    

2017

  

Computation of Basic and Diluted Earnings Per Share:

                        

Net income available to the Company's common shareholders

   $ 339,988     $ 439,604     $ 372,461  

Change in estimated redemption value of redeemable noncontrolling interests

     -       (7,521 )     -  

Earnings attributable to participating securities

     (2,599 )     (2,375 )     (2,132 )

Net income available to the Company’s common shareholders for basic earnings per share

     337,389       429,708       370,329  

Distributions on convertible units

     30       99       -  

Net income available to the Company’s common shareholders for diluted earnings per share

   $ 337,419     $ 429,807     $ 370,329  
                         

Weighted average common shares outstanding – basic

     420,370       420,641       423,614  

Effect of dilutive securities (1):

                        

Equity awards

     1,365       628       405  

Assumed conversion of convertible units

     64       110       -  

Weighted average common shares outstanding – diluted

     421,799       421,379       424,019  
                         

Net income available to the Company's common shareholders:

                        

Basic earnings per share

   $ 0.80     $ 1.02     $ 0.87  

Diluted earnings per share

   $ 0.80     $ 1.02     $ 0.87  

 

 

(1)

The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 0.5 million, 1.3 million and 3.1 million stock options that were not dilutive as of December 31, 2019, 2018 and 2017, 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.