EARNINGS PER SHARE/UNIT

12 Months Ended

Dec. 31, 2019

Earnings per Share/Unit [Abstract]

EARNINGS PER SHARE/UNIT

NOTE 23 - EARNINGS PER SHARE/UNIT

The following tables set forth the computation of basic and diluted earnings per share/unit:

	Omega						Omega OP
	Year Ended December 31,						Year Ended December 31,
	2019		2018		2017		2019		2018		2017
	(in thousands, except per share amounts)
Numerator:
Net income	$	351,947	$	293,884	$	104,910	$	351,947	$	293,884	$	104,910
(Less) add: net (income) loss attributable to noncontrolling interests		(10,824)		(12,306)		(4,491)		12		—		—
Net income available to common stockholders/Omega OP Unit holders	$	341,123	$	281,578	$	100,419	$	351,959	$	293,884	$	104,910
Denominator:
Denominator for basic earnings per share		213,404		200,279		197,738		220,193		209,020		206,521
Effect of dilutive securities:
Common stock equivalents		1,753		691		269		1,753		691		269
Net forward share contract		179		—		—		179		—		—
Noncontrolling interest – Omega OP Units		6,789		8,741		8,783		—		—		—
Denominator for diluted earnings per share/unit		222,125		209,711		206,790		222,125		209,711		206,790
Earnings per share/unit - basic:
Net income available to common stockholders/Omega OP Unit holders	$	1.60	$	1.41	$	0.51	$	1.60	$	1.41	$	0.51
Earnings per share/unit – diluted:
Net income	$	1.58	$	1.40	$	0.51	$	1.58	$	1.40	$	0.51

In September 2019, the Company entered into a forward equity sales agreement to sell up to an aggregate of 7.5 million shares of our common stock at an initial net price of $40.01 per share, after underwriting discounts and commissions.  On December 27, 2019, the Company completed the forward equity sale and issued the 7.5 million shares of common stock at a net price of $39.45 per share, and received approximately $295.9 million of net proceeds.  See Note 17 – Stockholder/Owners’ Equity – Forward Equity Sales Agreement. The shares issuable prior to settlement of the forward equity sales agreement are reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of the Company’s common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of common shares that would be issued upon full physical settlement of the forward equity sales agreement over the number of common shares that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period).