Earnings per Share (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands, except per share data)		2022		2021		2022		2021
Basic earnings per share:
Net income		$	249,625	$	157,977	$	673,906	$	461,049
Weighted average common shares outstanding - basic		302,622		335,938		309,097		338,045
Basic earnings per share		$	0.82	$	0.47	$	2.18	$	1.36
Diluted earnings per share:
Net income		$	249,625	$	157,977	$	673,906	$	461,049
Interest expense, net of tax (1):
9% Debentures		620		3,712		2,851		11,135
Diluted income available to common shareholders		$	250,245	$	161,689	$	676,757	$	472,184
Weighted average common shares outstanding - basic		302,622		335,938		309,097		338,045
Effect of dilutive securities:
Unvested RSUs		1,902		1,834		1,848		1,651
9% Debentures		2,670		15,785		4,084		15,785
Weighted average common shares outstanding - diluted		307,194		353,557		315,029		355,481
Diluted earnings per share		$	0.81	$	0.46	$	2.15	$	1.33

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