Note 13 - Earnings Per Share

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

13. 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						Six Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	741,539		$	86,493		$	825,285		$	188,128
Earnings attributable to participating securities		(5,253	)		(660	)		(5,687	)		(1,285	)
Net income available to the Company’s common shareholders for basic earnings per share		736,286			85,833			819,598			186,843
Distributions on convertible units		33			-			81			20
Net income available to the Company’s common shareholders for diluted earnings per share	$	736,319		$	85,833		$	819,679		$	186,863
Weighted average common shares outstanding – basic		429,967			419,697			429,851			419,581
Effect of dilutive securities (1):
Equity awards		970			949			1,469			1,166
Assumed conversion of convertible units		233			-			207			51
Weighted average common shares outstanding – diluted		431,170			420,646			431,527			420,798
Net income available to the Company's common shareholders:
Basic earnings per share	$	1.71		$	0.20		$	1.91		$	0.45
Diluted earnings per share	$	1.71		$	0.20		$	1.90		$	0.44

(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 1.2 million and 1.3 million stock options that were not dilutive as of June 30, 2020 and 2019, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended June 30, 2020.

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.