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Note 13 - Earnings Per Share | 6 Months Ended
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Jun. 30, 2020
Notes to Financial Statements |
Earnings Per Share [Text Block] | 13. Earnings Per Shar e 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):
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2020 |  |  | 201 9 |  |  | 2020 |  |  | 2019 |
Computation of Basic and Diluted Earnings Per Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to the Company's common shareholders |  | $ | 741,539 |  |  | $ | 86,493 |  |  | $ | 825,285 |  |  | $ | 188,128 |
Earnings attributable to participating securities |  |  | (5,253 | ) |  |  | (660 | ) |  |  | (5,687 | ) |  |  | (1,285 | )
Net income available to the Company’s common shareholders for basic earnings per share |  |  | 736,286 |  |  |  | 85,833 |  |  |  | 819,598 |  |  |  | 186,843 |
Distributions on convertible units |  |  | 33 |  |  |  | - |  |  |  | 81 |  |  |  | 20 |
Net income available to the Company’s common shareholders for diluted earnings per share |  | $ | 736,319 |  |  | $ | 85,833 |  |  | $ | 819,679 |  |  | $ | 186,863 |
Weighted average common shares outstanding – basic |  |  | 429,967 |  |  |  | 419,697 |  |  |  | 429,851 |  |  |  | 419,581 |
Effect of dilutive securities (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity awards |  |  | 970 |  |  |  | 949 |  |  |  | 1,469 |  |  |  | 1,166 |
Assumed conversion of convertible units |  |  | 233 |  |  |  | - |  |  |  | 207 |  |  |  | 51 |
Weighted average common shares outstanding – diluted |  |  | 431,170 |  |  |  | 420,646 |  |  |  | 431,527 |  |  |  | 420,798 |
Net income available to the Company's common shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings per share |  | $ | 1.71 |  |  | $ | 0.20 |  |  | $ | 1.91 |  |  | $ | 0.45 |
Diluted earnings per share |  | $ | 1.71 |  |  | $ | 0.20 |  |  | $ | 1.90 |  |  | $ | 0.44 |
(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 1.2 million and 1.3 million stock options that were not dilutive as of June 30, 2020 and 2019, respectively, and 2.5 million shares of restricted stock that were not dilutive for the three months ended June 30, 2020.
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.

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