Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2017		2016		2017		2016
Basic earnings per share:
Net income	$	118,622	$	109,221	$	208,420	$	178,412
Weighted average common shares outstanding - basic	366,918		340,678		354,035		340,411
Basic earnings per share	$	0.32	$	0.32	$	0.59	$	0.52
Diluted earnings per share:
Net income	$	118,622	$	109,221	$	208,420	$	178,412
Interest expense, net of tax (1):
2% Notes	84		1,982		907		3,964
5% Notes	427		1,728		1,709		4,406
9% Debentures	3,757		3,757		7,514		8,379
Diluted income available to common shareholders	$	122,890	$	116,688	$	218,550	$	195,161
Weighted average common shares outstanding - basic	366,918		340,678		354,035		340,411
Effect of dilutive securities:
Unvested RSUs	1,140		1,209		1,314		1,444
2% Notes	3,827		71,917		16,771		71,917
5% Notes	3,557		13,307		7,154		15,449
9% Debentures	19,028		19,028		19,028		21,133
Weighted average common shares outstanding - diluted	394,470		446,139		398,302		450,354
Diluted earnings per share	$	0.31	$	0.26	$	0.55	$	0.43

⁽¹⁾  Tax effected at a rate of 35%.