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Earnings per Share
12 Months Ended
Dec. 31, 2019
Loss per Share [Abstract]  
Earnings Per Share [Text Block] Earnings Per Share
The table below presents a reconciliation between basic and diluted weighted average shares outstanding, net income available to common shareholders and basic and diluted income per share for the years ended December 31, 2019, 2018 and 2017:
 
Year Ended December 31,
(In thousands, except per share amounts)
2019
 
2018
 
2017
NUMERATOR
 
 
 
 
 
Net income
$
127,587

 
$
107,663

 
$
72,081

Preferred stock dividends (a)

 

 
(3,656
)
Excess of fair value over book value of preferred shares redeemed

 

 
(2,257
)
Net income available to common shareholders
127,587

 
107,663

 
66,168

Interest on 3.25% convertible senior subordinated notes due 2017 (b)

 

 
1,106

Interest on 3.00% convertible senior subordinated notes due 2018 (c)

 
407

 
2,113

Diluted income available to common shareholders
$
127,587

 
$
108,070

 
$
69,387

DENOMINATOR
 
 
 
 
 
Basic weighted average shares outstanding
27,846

 
28,234

 
25,769

Effect of dilutive securities:
 
 
 
 
 
Stock option awards
412

 
295

 
342

Deferred compensation awards
217

 
219

 
221

3.25% convertible senior subordinated notes due 2017 (b)

 

 
1,687

3.00% convertible senior subordinated notes due 2018 (c)

 
430

 
2,669

Diluted weighted average shares outstanding - adjusted for assumed conversions
28,475

 
29,178

 
30,688

Earnings per common share
 
 
 
 
 
Basic
$
4.58

 
$
3.81

 
$
2.57

Diluted
$
4.48

 
$
3.70

 
$
2.26

Anti-dilutive equity awards not included in the calculation of diluted earnings per common share
1

 
381

 
23


(a)
The Company’s Articles of Incorporation authorize the issuance of up to 2,000,000 preferred shares, par value $.01 per share.  On March 15, 2007, the Company issued 4,000,000 depositary shares, each representing 1/1000th of a 9.75% Series A Preferred Share of the Company (the “Series A Preferred Shares”), or 4,000 Series A Preferred Shares in the aggregate.  On April 10, 2013, the Company redeemed 2,000 of its Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. On October 16, 2017, the Company redeemed the remaining 2,000 outstanding Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. The Company declared and paid a quarterly cash dividend of $609.375 per share on its then outstanding Series A Preferred Shares in each of the first three quarters of 2017, for aggregate dividend payments on the Series A Preferred Shares of $3.7 million for the year ended December 31, 2017.
(b)
On September 11, 2012, the Company issued $57.5 million aggregate principal amount of 3.25% Convertible Senior Subordinated Notes due 2017 (the “2017 Convertible Senior Subordinated Notes”). The 2017 Convertible Senior Subordinated Notes were scheduled to mature on September 15, 2017 and the deadline for holders to convert the 2017 Convertible Senior Subordinated Notes was September 13, 2017. As a result of conversion elections made by holders of the 2017 Convertible Senior Subordinated Notes, all $57.5 million aggregate principal amount of the 2017 Convertible Senior Subordinated Notes were converted and settled through the issuance of our common shares. In total, we issued approximately 2.4 million common shares (at a conversion price per common share of $23.80).
(c)
On March 1, 2013, the Company issued $86.3 million aggregate principal amount of 3.0% Convertible Senior Subordinated Notes due 2018 (the “2018 Convertible Senior Subordinated Notes”). The 2018 Convertible Senior Subordinated Notes were scheduled to mature on March 1, 2018 and the deadline for holders to convert the 2018 Convertible Senior Subordinated Notes was February 27, 2018. As a result of conversion elections made by holders of the 2018 Convertible Senior Subordinated Notes, (1) approximately $20.3 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes were converted and settled through the issuance of approximately 0.629 million of our common shares (at a conversion price per common share of $32.31) and (2) the Company repaid in cash approximately $65.9 million in aggregate principal amount of the 2018 Convertible Senior Subordinated Notes at maturity.
For the years ended December 31, 2018 and 2017, the effect of our convertible debt outstanding was included in the diluted earnings per share calculations.