Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.

	Table	6.1
Earnings per share			Three Months Ended March 31,
	(In thousands, except per share data)		2018		2017
	Basic earnings per share:
	Net income		$	143,637	$	89,798
	Weighted average common shares outstanding - basic		370,908		341,009
	Basic earnings per share		$	0.39	$	0.26
	Diluted earnings per share:
	Net income		$	143,637	$	89,798
	Interest expense, net of tax (1):
	2% Notes		—		823
	5% Notes		—		1,282
	9% Debentures		4,566		3,757
	Diluted income available to common shareholders		$	148,203	$	95,660
	Weighted average common shares outstanding - basic		370,908		341,009
	Effect of dilutive securities:
	Unvested RSUs		1,626		1,488
	2% Notes		—		29,859
	5% Notes		—		10,791
	9% Debentures		19,028		19,028
	Weighted average common shares outstanding - diluted		391,562		402,175
	Diluted earnings per share		$	0.38	$	0.24

⁽¹⁾  The three months ended March 31,2018 and 2017 were tax effected at a rate of 21% and 35%, respectively.