Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

The following table reconciles the numerators and denominators used to calculate basic and diluted EPS and also indicates the number of antidilutive securities.

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2016		2015		2016		2015
Basic earnings per share:
Net income	$	109,221	$	113,654	$	178,412	$	246,730
Weighted average common shares outstanding	340,678		339,705		340,411		339,406
Basic income per share	$	0.32	$	0.33	$	0.52	$	0.73
Diluted earnings per share:
Net income	$	109,221	$	113,654	$	178,412	$	246,730
Interest expense, net of tax (1):
2% Convertible Senior Notes due 2020	1,982		3,049		3,964		6,098
5% Convertible Senior Notes due 2017	1,728		4,692		4,406		9,384
9% Convertible Junior Subordinated Debentures due 2063	3,757		—		8,379		—
Diluted income available to common shareholders	$	116,688	$	121,395	$	195,161	$	262,212
Weighted average shares - basic	340,678		339,705		340,411		339,406
Effect of dilutive securities:
Unvested restricted stock units	1,209		1,831		1,444		2,203
2% Convertible Senior Notes due 2020	71,917		71,917		71,917		71,917
5% Convertible Senior Notes due 2017	13,307		25,674		15,449		25,674
9% Convertible Junior Subordinated Debentures due 2063	19,028		—		21,133		—
Weighted average shares - diluted	446,139		439,127		450,354		439,200
Diluted income per share	$	0.26	$	0.28	$	0.43	$	0.60
Antidilutive securities (in millions)	—		28.9		—		28.9

⁽¹⁾  Due to the valuation allowance recorded against deferred tax assets, the three and six months ended June 30, 2015 were not tax effected. The three and six months ended June 30, 2016 have been tax effected at a rate of 35%.