Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

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)		2021		2020		2021		2020
Basic earnings per share:
Net income		$	153,051	$	14,047	$	303,072	$	163,852
Weighted average common shares outstanding - basic		339,326		338,593		339,116		341,323
Basic earnings per share		$	0.45	$	0.04	$	0.89	$	0.48
Diluted earnings per share:
Net income		$	153,051	$	14,047	$	303,072	$	163,852
Interest expense, net of tax (1):
9% Debentures		3,712		—		7,423		9,132
Diluted income available to common shareholders		$	156,763	$	14,047	$	310,495	$	172,984
Weighted average common shares outstanding - basic		339,326		338,593		339,116		341,323
Effect of dilutive securities:
Unvested RSUs		1,425		1,068		1,560		1,551
9% Debentures		15,785		—		15,785		19,129
Weighted average common shares outstanding - diluted		356,536		339,661		356,461		362,003
Diluted earnings per share		$	0.44	$	0.04	$	0.87	$	0.48

(1) Interest expense for the three and six months ended June 30, 2021 and 2020, respectively, has been tax effected at a rate of 21%.