Earnings per Share

3 Months Ended

Mar. 31, 2015

Earnings per Share [Abstract]

Earnings per Share

Note 6 – Earnings per Share

Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common equivalent shares outstanding during the reporting period. We calculate diluted EPS using the treasury stock method for unvested restricted stock, and the if-converted method for convertible debt instruments. For unvested restricted stock, assumed proceeds under the treasury stock method would include unamortized compensation expense and windfall tax benefits or shortfalls. The determination of potentially issuable shares from our convertible debt instruments does not consider satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. In addition, if dilutive, interest expense, net of tax, related to the convertible debt instrument is added back to earnings in calculating diluted EPS.

The following table reconciles the numerators and denominators used to calculate basic and diluted EPS.

	Three months ended March 31,
	2015		2014
	(In thousands, except per share data)
Basic earnings per share:
Net income	$	133,076	$	59,982
Weighted average common shares outstanding		339,107		338,213
Basic income per share	$	0.39	$	0.18
Diluted earnings per share:
Net income	$	133,076	$	59,982
Interest expense, net of tax:
2% Convertible Senior Notes due 2020		3,049		3,049
5% Convertible Senior Notes due 2017		4,692		-
9% Convertible Junior Subordinated Debentures due 2063		8,765		-
Diluted income available to common shareholders	$	149,582	$	63,031
Weighted average shares - basic		339,107		338,213
Effect of dilutive securities:
Unvested restricted stock units		2,569		3,025
2% Convertible Senior Notes due 2020		71,942		71,942
5% Convertible Senior Notes due 2017		25,670		-
9% Convertible Junior Subordinated Debentures due 2063		28,853		-
Weighted average shares - diluted		468,141		413,180
Diluted income per share	$	0.32	$	0.15
Antidilutive securities (in millions)		-		54.5