Note 20 - Earnings Per Share

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

20. 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 June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Computation of Basic and Diluted Earnings Per Share:
Net (loss)/income available to the Company's common shareholders	$	(125,751	)	$	110,343		$	105,197		$	241,931
Earnings attributable to participating securities		(533	)		(672	)		(1,000	)		(1,475	)
Net (loss)/income available to the Company’s common shareholders for basic earnings per share		(126,284	)		109,671			104,197			240,456
Distributions on convertible units		-			9			-			18
Net (loss)/income available to the Company’s common shareholders for diluted earnings per share	$	(126,284	)	$	109,680		$	104,197		$	240,474
Weighted average common shares outstanding – basic		615,642			431,011			615,207			430,769
Effect of dilutive securities (1):
Equity awards		-			1,356			1,689			1,528
Assumed conversion of convertible units		-			122			47			133
Weighted average common shares outstanding – diluted		615,642			432,489			616,943			432,430
Net (loss)/income available to the Company's common shareholders:
Basic earnings per share	$	(0.21	)	$	0.25		$	0.17		$	0.56
Diluted earnings per share	$	(0.21	)	$	0.25		$	0.17		$	0.56

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net (loss)/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 0.5 million stock options that were not dilutive as of June 30, 2021.

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.