Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

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)	2017		2016
Basic earnings per share:
Net income	$	89,798	$	69,191
Weighted average common shares outstanding	341,009		340,144
Basic income per share	$	0.26	$	0.20
Diluted earnings per share:
Net income	$	89,798	$	69,191
Interest expense, net of tax (1):
2% Notes	823		1,982
5% Notes	1,282		2,678
9% Debentures	3,757		—
Diluted income available to common shareholders	$	95,660	$	73,851
Weighted average shares - basic	341,009		340,144
Effect of dilutive securities:
Unvested RSUs	1,488		1,679
2% Notes	29,859		71,917
5% Notes	10,791		17,625
9% Debentures	19,028		—
Weighted average shares - diluted	402,175		431,365
Diluted income per share	$	0.24	$	0.17
Antidilutive securities (in millions)	—		23.3

⁽¹⁾  Tax effected at a rate of 35%.