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Note 23 - Earnings Per Share
 12 Months Ended
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.