Note 27 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

27.  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,
	2023			2022			2021
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	629,252		$	100,758		$	818,643
Change in estimated redemption value of redeemable noncontrolling interests		2,323			-			2,304
Earnings attributable to participating securities		(2,819	)		(2,182	)		(5,346	)
Net income available to the Company’s common shareholders for basic earnings per share		628,756			98,576			815,601
Distributions on convertible units		53			-			3,087
Net income available to the Company’s common shareholders for diluted earnings per share	$	628,809		$	98,576		$	818,688
Weighted average common shares outstanding – basic		616,947			615,528			506,248
Effect of dilutive securities (1):
Equity awards		1,132			2,283			2,422
Assumed conversion of convertible units		120			47			2,715
Weighted average common shares outstanding – diluted		618,199			617,858			511,385
Net income available to the Company's common shareholders:
Basic earnings per share	$	1.02		$	0.16		$	1.61
Diluted earnings per share	$	1.02		$	0.16		$	1.60

(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 0.3 million stock options that were not dilutive as of December 31, 2022.

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.