Earnings per Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In thousands, except per share data)		2022		2021		2022		2021
Basic earnings per share:
Net income		$	249,268	$	153,051	$	424,281	$	303,072
Weighted average common shares outstanding - basic		308,840		339,326		312,388		339,116
Basic earnings per share		$	0.81	$	0.45	$	1.36	$	0.89
Diluted earnings per share:
Net income		$	249,268	$	153,051	$	424,281	$	303,072
Interest expense, net of tax (1):
9% Debentures		719		3,712		2,231		7,423
Diluted income available to common shareholders		$	249,987	$	156,763	$	426,512	$	310,495
Weighted average common shares outstanding - basic		308,840		339,326		312,388		339,116
Effect of dilutive securities:
Unvested RSUs		1,613		1,425		1,821		1,560
9% Debentures		3,092		15,785		4,803		15,785
Weighted average common shares outstanding - diluted		313,545		356,536		319,012		356,461
Diluted earnings per share		$	0.80	$	0.44	$	1.34	$	0.87

(1) Interest expense for the three and six months ended June 30, 2022 and 2021, respectively, has been tax effected at a rate of 21%.