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EPS Calculation
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EPS Calculation EPS Calculation
 
The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the years ended December 31, 2019, 2018 and 2017:
 
 
 
For the Year Ended December 31,
(In Thousands, Except Per Share Amounts)
 
2019
 
2018
 
2017
Basic EPS:
 
 

 
 

 
 

Net income to common stockholders
 
$
378,117

 
$
301,801

 
$
322,393

Dividends declared on preferred stock
 
(15,000
)
 
(15,000
)
 
(15,000
)
Dividends, dividend equivalents and undistributed earnings allocated to participating securities
 
(1,087
)
 
(943
)
 
(891
)
Net income to common stockholders - basic
 
$
362,030

 
$
285,858

 
$
306,502

Basic weighted average common shares outstanding
 
450,972

 
418,934

 
388,357

Basic EPS
 
$
0.80

 
$
0.68

 
$
0.79

 
 
 
 
 
 
 
Diluted EPS:
 
 
 
 
 
 
Net income to common stockholders - basic
 
$
362,030

 
$
285,858

 
$
306,502

Interest expense on Convertible Senior Notes
 
8,965

 
—

 
—

Net income to common stockholders - diluted
 
$
370,995

 
$
285,858

 
$
306,502

Basic weighted average common shares outstanding
 
450,972

 
418,934

 
388,357

Effect of assumed Convertible Senior Notes conversion to common shares
 
16,797

 
—

 
—

Diluted weighted average common shares outstanding (1)
 
467,769

 
418,934

 
388,357

Diluted EPS
 
$
0.79

 
$
0.68

 
$
0.79



(1) At December 31, 2019, the Company had approximately 3.3 million equity instruments outstanding that were not included in the calculation of diluted EPS for the year ended December 31, 2019, as their inclusion would have been anti-dilutive.  These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $7.24.  These equity instruments may have a dilutive impact on future EPS.
 
During the year ended December 31, 2019, the Convertible Senior Notes were determined to be dilutive and were included in the calculation of diluted EPS under the “if-converted” method. Under this method, the periodic interest expense for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether the conversion option is in or out of the money) is included in the denominator for the purpose of calculating diluted EPS.