Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

The following table reconciles basic and diluted EPS amounts:

(In thousands, except per share data)	Years Ended December 31,
	2016		2015		2014
Basic earnings per share:
Net income	$	342,517	$	1,172,000	$	251,949
Weighted average common shares outstanding	342,890		339,552		338,523
Basic income per share	$	1.00	$	3.45	$	0.74
Diluted earnings per share:
Net income	$	342,517	$	1,172,000	$	251,949
Interest expense, net of tax (1):
2% Notes	6,111		7,928		12,197
5% Notes	6,362		12,228		—
9% Debentures	15,893		22,786		—
Diluted income available to common shareholders	$	370,883	$	1,214,942	$	264,146
Weighted-average shares - Basic	342,890		339,552		338,523
Effect of dilutive securities:
Unvested restricted stock units	1,470		2,113		3,082
2% Notes	54,450		71,917		71,917
5% Notes	13,107		25,603		—
9% Debentures	20,075		28,854		—
Weighted-average shares - Diluted	431,992		468,039		413,522
Diluted earnings per share	$	0.86	$	2.60	$	0.64
Anti-dilutive securities (in millions)	—		—		54.5

⁽¹⁾  Interest expense for the years ended December 31, 2016 and December 31, 2015 has been tax effected at a rate of 35%. Due to the valuation allowance recorded against deferred tax assets, interest expense for the year ended December 31, 2014 was not tax effected.