Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

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)		2022		2021
Basic earnings per share:
Net income		$	175,013	$	150,021
Weighted average common shares outstanding - basic		315,975		338,904
Basic earnings per share		$	0.55	$	0.44
Diluted earnings per share:
Net income		$	175,013	$	150,021
Interest expense, net of tax (1):
9% Debentures		1,512		3,712
Diluted income available to common shareholders		$	176,525	$	153,733
Weighted average common shares outstanding - basic		315,975		338,904
Effect of dilutive securities:
Unvested RSUs		2,029		1,694
9% Debentures		6,534		15,785
Weighted average common shares outstanding - diluted		324,538		356,383
Diluted earnings per share		$	0.54	$	0.43

(1) Interest expense for the three months ended March 31, 2022 and 2021, respectively, has been tax effected at a rate of 21%.