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Note 23 - Earnings Per Share | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Earnings Per Share [Text Block] |
23. | 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, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Computation of Basic and Diluted Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 346,133 |  |  | $ | 299,353 |  |  | $ | 774,405 |
Gain on sale of operating properties, net, net of tax |  |  | 93,538 |  |  |  | 86,785 |  |  |  | 125,813 |
Net income attributable to noncontrolling interests |  |  | (13,596 | ) |  |  | (7,288 | ) |  |  | (6,028 | )
Preferred stock redemption charge |  |  | (7,014 | ) |  |  | - |  |  |  | (5,816 | )
Preferred dividends |  |  | (46,600 | ) |  |  | (46,220 | ) |  |  | (57,084 | )
Earnings attributable to participating securities |  |  | (2,132 | ) |  |  | (2,018 | ) |  |  | (4,134 | )
Income from continuing operations available to the Company ’s common shareholders |  | $ | 370,329 |  |  | $ | 330,612 |  |  | $ | 827,156 |
Loss from discontinued operations available to the Company ’s common shareholders |  |  | - |  |  |  | - |  |  |  | (75 | )
Net income available to the Company ’s common shareholders for basic earnings per share |  | $ | 370,329 |  |  | $ | 330,612 |  |  |  | 827,081 |
Distributions on convertible units |  |  | - |  |  |  | - |  |  |  | 192 |
Net income available to the Company ’s common shareholders for diluted earnings per share |  | $ | 370,329 |  |  | $ | 330,612 |  |  | $ | 827,273 |
Weighted -average common shares outstanding – basic |  |  | 423,614 |  |  |  | 418,402 |  |  |  | 411,319 |
Effect of dilutive securities ( 1): |  |  |  |  |  |  |  |  |  |  |  |
Equity awards |  |  | 405 |  |  |  | 1,307 |  |  |  | 1,414 |
Assumed conversion of convertible units |  |  | - |  |  |  | - |  |  |  | 118 |
Weighted -average common shares outstanding – diluted |  |  | 424,019 |  |  |  | 419,709 |  |  |  | 412,851 |
Basic Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.87 |  |  | $ | 0.79 |  |  | $ | 2.01 |
Net income available to the Company ’s common shareholders |  | $ | 0.87 |  |  | $ | 0.79 |  |  | $ | 2.01 |
Diluted Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 0.87 |  |  | $ | 0.79 |  |  | $ | 2.00 |
Net income available to the Company ’s common shareholders |  | $ | 0.87 |  |  | $ | 0.79 |  |  | $ | 2.00 |
( 1 ) | The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Income from continuing operations per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations. Additionally, there were 3,082,106, 3,490,400 and 5,300,680 stock options that were not dilutive as of December 31, 2017, 2016 and 2015, respectively.
Th e 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.

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