Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	(In thousands, except per share data)		2018		2017		2018		2017
	Basic earnings per share:
	Net income		$	186,814	$	118,622	$	330,451	$	208,420
	Weighted average common shares outstanding - basic		368,578		366,918		369,736		354,035
	Basic earnings per share		$	0.51	$	0.32	$	0.89	$	0.59
	Diluted earnings per share:
	Net income		$	186,814	$	118,622	$	330,451	$	208,420
	Interest expense, net of tax (1):
	2% Notes		—		84		—		907
	5% Notes		—		427		—		1,709
	9% Debentures		4,566		3,757		9,132		7,514
	Diluted income available to common shareholders		$	191,380	$	122,890	$	339,583	$	218,550
	Weighted average common shares outstanding - basic		368,578		366,918		369,736		354,035
	Effect of dilutive securities:
	Unvested RSUs		1,275		1,140		1,472		1,314
	2% Notes		—		3,827		—		16,771
	5% Notes		—		3,557		—		7,154
	9% Debentures		19,028		19,028		19,028		19,028
	Weighted average common shares outstanding - diluted		388,881		394,470		390,236		398,302
	Diluted earnings per share		$	0.49	$	0.31	$	0.87	$	0.55

⁽¹⁾  The periods ended June 30,2018 and 2017 were tax effected at a rate of 21% and 35%, respectively.