Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

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)		2023		2022		2023		2022
Basic earnings per share:
Net income		$	182,844	$	249,625	$	528,445	$	673,906
Weighted average common shares outstanding - basic		281,757		302,622		286,184		309,097
Basic earnings per share		$	0.65	$	0.82	$	1.85	$	2.18

Diluted earnings per share:
Net income		$	182,844	$	249,625	$	528,445	$	673,906
Interest expense, net of tax (1):
9% Debentures		276		620		1,025		2,851
Diluted income available to common shareholders		$	183,120	$	250,245	$	529,470	$	676,757

Weighted average common shares outstanding - basic		281,757		302,622		286,184		309,097
Effect of dilutive securities:
Unvested RSUs		2,624		1,902		2,239		1,848
9% Debentures		1,219		2,670		1,501		4,084
Weighted average common shares outstanding - diluted		285,600		307,194		289,924		315,029
Diluted earnings per share		$	0.64	$	0.81	$	1.83	$	2.15

(1) Interest expense has been tax effected at a rate of 21%.