Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2019

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.

Earnings per share
Table	6.1
		Three Months Ended March 31,
(In thousands, except per share data)		2019		2018
Basic earnings per share:
Net income		$	151,941	$	143,637
Weighted average common shares outstanding - basic		355,653		370,908
Basic earnings per share		$	0.43	$	0.39
Diluted earnings per share:
Net income		$	151,941	$	143,637
Interest expense, net of tax (1):
9% Debentures		4,566		4,566
Diluted income available to common shareholders		$	156,507	$	148,203
Weighted average common shares outstanding - basic		355,653		370,908
Effect of dilutive securities:
Unvested RSUs		1,986		1,626
9% Debentures		19,028		19,028
Weighted average common shares outstanding - diluted		376,667		391,562
Diluted earnings per share		$	0.42	$	0.38

⁽¹⁾  The periods ended March 31, 2019 and 2018 were tax-effected at a rate of 21%.