Earnings per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Table 4.1 reconciles basic and diluted EPS amounts:


Earnings per share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2023		2022		2021
Basic earnings per share:
Net income		$	712,949	$	865,349	$	634,983
Weighted average common shares outstanding - basic		283,605		305,847		334,330
Basic earnings per share		$	2.51	$	2.83	$	1.90
Diluted earnings per share:
Net Income		$	712,949	$	865,349	$	634,983
Interest expense, net of tax (1):
9% Debentures		1,026		3,228		14,343
Diluted income available to common shareholders		$	713,975	$	868,577	$	649,326
Weighted-average shares - basic		283,605		305,847		334,330
Effect of dilutive securities:
Unvested restricted stock units		2,427		1,917		1,782
9% Debentures		1,123		3,465		15,196
Weighted average common shares outstanding - diluted		287,155		311,229		351,308
Diluted income per share		$	2.49	$	2.79	$	1.85

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

All of our outstanding 9% Debentures were reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding 9% Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS. In the third quarter of 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal. (See Note 7 - "Debt".)