Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

Table 6.1 reconciles the numerators and denominators used to calculate basic and diluted EPS.

	Table	6.1
Earnings per share			Three Months Ended September 30,				Nine Months Ended September 30,
	(In thousands, except per share data)		2018		2017		2018		2017
	Basic earnings per share:
	Net income		$	181,900	$	120,027	$	512,351	$	328,447
	Weighted average common shares outstanding - basic		362,180		370,586		367,190		359,613
	Basic earnings per share		$	0.50	$	0.32	$	1.40	$	0.91
	Diluted earnings per share:
	Net income		$	181,900	$	120,027	$	512,351	$	328,447
	Interest expense, net of tax (1):
	2% Convertible Senior Notes		—		—		—		907
	5% Convertible Senior Notes		—		—		—		1,709
	9% Convertible Junior Subordinated Debentures		4,566		3,757		13,698		11,270
	Diluted income available to common shareholders		$	186,466	$	123,784	$	526,049	$	342,333
	Weighted average common shares outstanding - basic		362,180		370,586		367,190		359,613
	Effect of dilutive securities:
	Unvested RSUs		1,697		1,473		1,547		1,367
	2% Convertible Senior Notes		—		—		—		11,119
	5% Convertible Senior Notes		—		—		—		4,743
	9% Convertible Junior Subordinated Debentures		19,028		19,028		19,028		19,028
	Weighted average common shares outstanding - diluted		382,905		391,087		387,765		395,870
	Diluted earnings per share		$	0.49	$	0.32	$	1.36	$	0.86

⁽¹⁾  The periods ended September 30,2018 and 2017 were tax-effected at a rate of 21% and 35%, respectively.