Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)		2020		2019		2020		2019
Basic earnings per share:
Net income		$	14,047	$	167,778	$	163,852	$	319,719
Weighted average common shares outstanding - basic		338,593		355,734		341,323		355,694
Basic earnings per share		$	0.04	$	0.47	$	0.48	$	0.90
Diluted earnings per share:
Net income		$	14,047	$	167,778	$	163,852	$	319,719
Interest expense, net of tax (1):
9% Debentures		—		4,566		9,132		9,132
Diluted income available to common shareholders		$	14,047	$	172,344	$	172,984	$	328,851
Weighted average common shares outstanding - basic		338,593		355,734		341,323		355,694
Effect of dilutive securities:
Unvested RSUs		1,068		1,841		1,551		1,913
9% Debentures		—		19,028		19,129		19,028
Weighted average common shares outstanding - diluted		339,661		376,603		362,003		376,635
Diluted earnings per share		$	0.04	$	0.46	$	0.48	$	0.87

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The periods ended June 30, 2020 and 2019 were tax-effected at a rate of 21%.