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Note 19 - Earnings Per Share
 6 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Earnings Per Share [Text Block]

19. 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):

 

   

Three Months Ended

June 30,

    

Six Months Ended

June 30,

  
   

2023

    

2022

    

2023

    

2022

  

Computation of Basic and Diluted Earnings Per Share:

                                

Net income/(loss) available to the Company's common shareholders

   $ 100,426     $ (125,751 )   $ 383,938     $ 105,197  

Earnings attributable to participating securities

     (647 )     (533 )     (2,074 )     (1,000 )

Net income/(loss) available to the Company’s common shareholders for basic earnings per share

     99,779       (126,284 )     381,864       104,197  

Distributions on convertible units

     -       -       1,479       -  

Net income/(loss) available to the Company’s common shareholders for diluted earnings per share

   $ 99,779     $ (126,284 )   $ 383,343     $ 104,197  
                                 

Weighted average common shares outstanding – basic

     617,077       615,642       616,785       615,207  

Effect of dilutive securities (1):

                                

Equity awards

     122       -       490       1,689  

Assumed conversion of convertible units

     58       -       2,474       47  

Weighted average common shares outstanding – diluted

     617,257       615,642       619,749       616,943  
                                 

Net income/(loss) available to the Company's common shareholders:

                                

Basic earnings per share

   $ 0.16     $ (0.21 )   $ 0.62     $ 0.17  

Diluted earnings per share

   $ 0.16     $ (0.21 )   $ 0.62     $ 0.17  

 

 

(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.

 

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.