Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Calculation of earnings (loss) 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

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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.