Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2016

Calculation of earnings (loss) per share

The following table reconciles the numerators and denominators used to calculate basic and diluted EPS and also indicates the number of antidilutive securities.



	Three months ended March 31,
(In thousands, except per share data)	2016		2015
Basic earnings per share:
Net income	$	69,191	$	133,076
Weighted average common shares outstanding	340,144		339,107
Basic income per share	$	0.20	$	0.39

Diluted earnings per share:
Net income	$	69,191	$	133,076
Interest expense, net of tax ⁽¹⁾:
2% Convertible Senior Notes due 2020	1,982		3,049
5% Convertible Senior Notes due 2017	2,678		4,692
9% Convertible Junior Subordinated Debentures due 2063	—		8,765
Diluted income available to common shareholders	$	73,851	$	149,582

Weighted average shares - basic	340,144		339,107
Effect of dilutive securities:
Unvested restricted stock units	1,679		2,569
2% Convertible Senior Notes due 2020	71,917		71,917
5% Convertible Senior Notes due 2017	17,625		25,674
9% Convertible Junior Subordinated Debentures due 2063	—		28,854
Weighted average shares - diluted	431,365		468,121
Diluted income per share	$	0.17	$	0.32

Antidilutive securities (in millions)	23.3		—


⁽¹⁾	Due to the valuation allowance recorded against deferred tax assets, the three months ended March 31, 2015 were not tax effected. The three months ended March 31, 2016 have been tax effected at a rate of 35%.