Earnings per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2017		2016		2017		2016
Basic earnings per share:
Net income	$	120,027	$	56,618	$	328,447	$	235,030
Weighted average common shares outstanding - basic	370,586		349,376		359,613		343,403
Basic earnings per share	$	0.32	$	0.16	$	0.91	$	0.68
Diluted earnings per share:
Net income	$	120,027	$	56,618	$	328,447	$	235,030
Interest expense, net of tax (1):
2% Notes	—		1,324		907		5,288
5% Notes	—		673		1,709		5,080
9% Debentures	3,757		—		11,270		—
Diluted income available to common shareholders	$	123,784	$	58,615	$	342,333	$	245,398
Weighted average common shares outstanding - basic	370,586		349,376		359,613		343,403
Effect of dilutive securities:
Unvested RSUs	1,473		1,395		1,367		1,428
2% Notes	—		44,488		11,119		62,707
5% Notes	—		10,791		4,743		13,885
9% Debentures	19,028		—		19,028		—
Weighted average common shares outstanding - diluted	391,087		406,050		395,870		421,423
Diluted earnings per share	$	0.32	$	0.14	$	0.86	$	0.58
Antidilutive securities (in millions)	—		19.0		—		20.4

⁽¹⁾  Tax effected at a rate of 35%.