Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2020

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)		2020		2019
Basic earnings per share:
Net income		$	149,805	$	151,941
Weighted average common shares outstanding - basic		344,053		355,653
Basic earnings per share		$	0.44	$	0.43
Diluted earnings per share:
Net income		$	149,805	$	151,941
Interest expense, net of tax (1):
9% Debentures		4,566		4,566
Diluted income available to common shareholders		$	154,371	$	156,507
Weighted average common shares outstanding - basic		344,053		355,653
Effect of dilutive securities:
Unvested RSUs		2,033		1,986
9% Debentures		19,130		19,028
Weighted average common shares outstanding - diluted		365,216		376,667
Diluted earnings per share		$	0.42	$	0.42

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The periods ended March 31, 2020 and 2019 were tax-effected at a rate of 21%.