Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Calculation of earnings (loss) 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%.