Earnings per Share

12 Months Ended

Dec. 31, 2019



NOTE 4		Earnings Per Share

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)		2019		2018		2017
Basic earnings per share:
Net income		$	673,763	$	670,097	$	355,761
Weighted average common shares outstanding - basic		352,827		365,406		362,380
Basic earnings per share		$	1.91	$	1.83	$	0.98
Diluted earnings per share:
Net income		$	673,763	$	670,097	$	355,761
Interest expense, net of tax ⁽¹⁾:
2% Notes		—		—		907
5% Notes		—		—		1,709
9% Debentures		18,264		18,264		15,027
Diluted income available to common shareholders		$	692,027	$	688,361	$	373,404
Weighted-average shares - basic		352,827		365,406		362,380
Effect of dilutive securities:
Unvested restricted stock units		2,069		1,644		1,493
2% Notes		—		—		8,317
5% Notes		—		—		3,548
9% Debentures		19,028		19,028		19,028
Weighted average common shares outstanding - diluted		373,924		386,078		394,766
Diluted income per share		$	1.85	$	1.78	$	0.95


⁽¹⁾	Interest expense for the years ended December 31, 2019, 2018 and 2017 has been tax effected at a rate of 21%, 21%, and 35%, respectively.

For the years ended December 31, 2019, 2018, and 2017, all of our then outstanding Convertible Senior Notes and Convertible Junior Subordinated Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding Convertible Senior Notes and/or Convertible Junior Subordinated Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS.