Earnings per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2016		2015		2016		2015
Basic earnings per share:
Net income	$	56,618	$	822,852	$	235,030	$	1,069,582
Weighted average common shares outstanding	349,376		339,701		343,403		339,504
Basic income per share	$	0.16	$	2.42	$	0.68	$	3.15

Diluted earnings per share:
Net income	$	56,618	$	822,852	$	235,030	$	1,069,582
Interest expense, net of tax ⁽¹⁾:
2% Convertible Senior Notes due 2020	1,324		1,982		5,288		5,946
5% Convertible Senior Notes due 2017	673		3,050		5,080		9,150
9% Convertible Junior Subordinated Debentures due 2063	—		5,697		—		17,090
Diluted income available to common shareholders	$	58,615	$	833,581	$	245,398	$	1,101,768

Weighted average shares - basic	349,376		339,701		343,403		339,504
Effect of dilutive securities:
Unvested restricted stock units	1,395		1,983		1,428		2,128
2% Convertible Senior Notes due 2020	44,488		71,917		62,707		71,917
5% Convertible Senior Notes due 2017	10,791		25,674		13,885		25,674
9% Convertible Junior Subordinated Debentures due 2063	—		28,853		—		28,853
Weighted average shares - diluted	406,050		468,128		421,423		468,076
Diluted income per share	$	0.14	$	1.78	$	0.58	$	2.35

Antidilutive securities (in millions)	19.0		—		20.4		—


⁽¹⁾	Tax effected at a rate of 35%.