Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)		2019		2018		2019		2018
Basic earnings per share:
Net income		$	167,778	$	186,814	$	319,719	$	330,451
Weighted average common shares outstanding - basic		355,734		368,578		355,694		369,736
Basic earnings per share		$	0.47	$	0.51	$	0.90	$	0.89
Diluted earnings per share:
Net income		$	167,778	$	186,814	$	319,719	$	330,451
Interest expense, net of tax (1):
9% Debentures		4,566		4,566		9,132		9,132
Diluted income available to common shareholders		$	172,344	$	191,380	$	328,851	$	339,583
Weighted average common shares outstanding - basic		355,734		368,578		355,694		369,736
Effect of dilutive securities:
Unvested RSUs		1,841		1,275		1,913		1,472
9% Debentures		19,028		19,028		19,028		19,028
Weighted average common shares outstanding - diluted		376,603		388,881		376,635		390,236
Diluted earnings per share		$	0.46	$	0.49	$	0.87	$	0.87

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The periods ended June 30, 2019 and 2018 were tax-effected at a rate of 21%.