Earnings per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)		2020		2019		2020		2019
Basic earnings per share:
Net income		$	130,811	$	176,934	$	294,663	$	496,653
Weighted average common shares outstanding - basic		338,598		351,475		340,408		354,272
Basic earnings per share		$	0.39	$	0.50	$	0.87	$	1.40
Diluted earnings per share:
Net income		$	130,811	$	176,934	$	294,663	$	496,653
Interest expense, net of tax:
9% Debentures		4,161		4,566		13,293		13,698
Diluted income available to common shareholders		$	134,972	$	181,500	$	307,956	$	510,351
Weighted average common shares outstanding - basic		338,598		351,475		340,408		354,272
Effect of dilutive securities:
Unvested RSUs		1,377		2,072		1,492		1,966
9% Debentures		17,220		19,028		18,489		19,028
Weighted average common shares outstanding - diluted		357,195		372,575		360,389		375,266
Diluted earnings per share		$	0.38	$	0.49	$	0.85	$	1.36