Earnings per Share

12 Months Ended

Dec. 31, 2024

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)		2024		2023		2022
Basic earnings per share:
Net income		$	762,994	$	712,949	$	865,349
Weighted average common shares outstanding - basic		261,684		283,605		305,847
Basic earnings per share		$	2.92	$	2.51	$	2.83
Diluted earnings per share:
Net Income		$	762,994	$	712,949	$	865,349
Interest expense, net of tax (1):
9% Debentures		—		1,026		3,228
Diluted income available to common shareholders		$	762,994	$	713,975	$	868,577
Weighted-average shares - basic		261,684		283,605		305,847
Effect of dilutive securities:
Unvested restricted stock units		2,311		2,427		1,917
9% Debentures		—		1,123		3,465
Weighted average common shares outstanding - diluted		263,995		287,155		311,229
Diluted income per share		$	2.89	$	2.49	$	2.79

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

Prior to our redemption of the outstanding principal on our 9% debentures in 2023, we utilized the if-converted method to calculate the potential dilution that could occur if our 9% Debentures were converted to common stock. Under this method, if dilutive, the common stock related to the outstanding 9% Debentures was assumed to be issued as of the beginning of the reporting period and the related interest expense, net of tax, was added back to earnings in calculating diluted EPS. In 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal. (See Note 7 - "Debt".)