Earnings per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

Table 4.1 reconciles basic and diluted EPS amounts:

	Table	4.1
Earnings per share			Years Ended December 31,
	(In thousands, except per share data)		2017		2016		2015
	Basic earnings per share:
	Net income		$	355,761	$	342,517	$	1,172,000
	Weighted average common shares outstanding - basic		362,380		342,890		339,552
	Basic earnings per share		$	0.98	$	1.00	$	3.45
	Diluted earnings per share:
	Net income		$	355,761	$	342,517	$	1,172,000
	Interest expense, net of tax (1):
	2% Notes		907		6,111		7,928
	5% Notes		1,709		6,362		12,228
	9% Debentures		15,027		15,893		22,786
	Diluted income available to common shareholders		$	373,404	$	370,883	$	1,214,942
	Weighted-average shares - Basic		362,380		342,890		339,552
	Effect of dilutive securities:
	Unvested restricted stock units		1,493		1,470		2,113
	2% Notes		8,317		54,450		71,917
	5% Notes		3,548		13,107		25,603
	9% Debentures		19,028		20,075		28,854
	Weighted average common shares outstanding - diluted		394,766		431,992		468,039
	Diluted income per share		$	0.95	$	0.86	$	2.60

⁽¹⁾  Interest expense for the years ended December 31, 2017, 2016 and 2015 has been tax effected at a rate of 35%.

The computation of diluted EPS for the years ended December 31, 2017, 2016, and 2015 includes weighted average unvested restricted stock units outstanding of 1.5 million, 1.5 million, and 2.1 million, respectively.

For the years ended December 31, 2017, 2016, and 2015, all of our then outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS.