Earnings per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)		2019		2018		2019		2018
Basic earnings per share:
Net income		$	176,934	$	181,900	$	496,653	$	512,351
Weighted average common shares outstanding - basic		351,475		362,180		354,272		367,190
Basic earnings per share		$	0.50	$	0.50	$	1.40	$	1.40
Diluted earnings per share:
Net income		$	176,934	$	181,900	$	496,653	$	512,351
Interest expense, net of tax (1):
9% Debentures		4,566		4,566		13,698		13,698
Diluted income available to common shareholders		$	181,500	$	186,466	$	510,351	$	526,049
Weighted average common shares outstanding - basic		351,475		362,180		354,272		367,190
Effect of dilutive securities:
Unvested RSUs		2,072		1,697		1,966		1,547
9% Debentures		19,028		19,028		19,028		19,028
Weighted average common shares outstanding - diluted		372,575		382,905		375,266		387,765
Diluted earnings per share		$	0.49	$	0.49	$	1.36	$	1.36

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