XML 41 R27.htm IDEA: XBRL DOCUMENT

Note 19 - Earnings Per Share

9 Months Ended

Sep. 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 September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders		$	111,954			$	51,647			$	495,892			$	156,844
Earnings attributable to participating securities			(641	)			(582	)			(2,460	)			(1,581	)
Net income available to the Company’s common shareholders for basic earnings per share			111,313				51,065				493,432				155,263
Distributions on convertible units			-				-				1,919				-
Net income available to the Company’s common shareholders for diluted earnings per share		$	111,313			$	51,065			$	495,351			$	155,263

Weighted average common shares outstanding – basic			617,090				615,832				616,888				615,417
Effect of dilutive securities (1):
Equity awards			124				2,133				129				2,392
Assumed conversion of convertible units			57				53				2,478				47
Weighted average common shares outstanding – diluted			617,271				618,018				619,495				617,856

Net income available to the Company's common shareholders:
Basic earnings per share		$	0.18			$	0.08			$	0.80			$	0.25
Diluted earnings per share		$	0.18			$	0.08			$	0.80			$	0.25

(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.