Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2018

Table 4.1 reconciles basic and diluted EPS amounts:



Earnings per share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2018		2017		2016
Basic earnings per share:
Net income		$	670,097	$	355,761	$	342,517
Weighted average common shares outstanding - basic		365,406		362,380		342,890
Basic earnings per share		$	1.83	$	0.98	$	1.00
Diluted earnings per share:
Net income		$	670,097	$	355,761	$	342,517
Interest expense, net of tax ⁽¹⁾:
2% Notes		—		907		6,111
5% Notes		—		1,709		6,362
9% Debentures		18,264		15,027		15,893
Diluted income available to common shareholders		$	688,361	$	373,404	$	370,883
Weighted-average shares - basic		365,406		362,380		342,890
Effect of dilutive securities:
Unvested restricted stock units		1,644		1,493		1,470
2% Notes		—		8,317		54,450
5% Notes		—		3,548		13,107
9% Debentures		19,028		19,028		20,075
Weighted average common shares outstanding - diluted		386,078		394,766		431,992
Diluted income per share		$	1.78	$	0.95	$	0.86


⁽¹⁾	Interest expense for the years ended December 31, 2018, 2017 and 2016 has been tax effected at a rate of 21%, 35%, and 35%, respectively.