EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings per Share [Abstract]

EARNINGS PER SHARE

NOTE 22 - EARNINGS PER SHARE

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

	Year Ended December 31,
	2021		2020		2019
	(in thousands, except per share amounts)
Numerator:
Net income	$	428,302	$	163,545	$	351,947
Deduct: net income attributable to noncontrolling interests		(11,563)		(4,218)		(10,824)
Net income available to common stockholders	$	416,739	$	159,327	$	341,123
Denominator:
Denominator for basic earnings per share		236,933		227,741		213,404
Effect of dilutive securities:
Common stock equivalents		785		1,239		1,753
Net forward share contract		—		—		179
Noncontrolling interest – Omega OP Units		6,620		6,124		6,789
Denominator for diluted earnings per share		244,338		235,104		222,125
Earnings per share - basic:
Net income available to common stockholders	$	1.76	$	0.70	$	1.60
Earnings per share – diluted:
Net income	$	1.75	$	0.70	$	1.58

In September 2019, we 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, we 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 18 – Stockholders’ Equity – $300 Million Forward Equity Sale. 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 our 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 us 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).