Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Calculation of earnings (loss) per share

Table 4.1 reconciles basic and diluted EPS amounts:

Earnings per share
Table	4.1
		Years Ended December 31,
(In thousands, except per share data)		2021		2020		2019
Basic earnings per share:
Net income		$	634,983	$	446,093	$	673,763
Weighted average common shares outstanding - basic		334,330		339,953		352,827
Basic earnings per share		$	1.90	$	1.31	$	1.91
Diluted earnings per share:
Net income		$	634,983	$	446,093	$	673,763
Interest expense, net of tax (1):
9% Debentures		14,343		17,004		18,264
Diluted income available to common shareholders		$	649,326	$	463,097	$	692,027
Weighted-average shares - basic		334,330		339,953		352,827
Effect of dilutive securities:
Unvested restricted stock units		1,782		1,589		2,069
9% Debentures		15,196		17,751		19,028
Weighted average common shares outstanding - diluted		351,308		359,293		373,924
Diluted income per share		$	1.85	$	1.29	$	1.85

(1) Interest expense for the years ended December 31, 2021, 2020 and 2019 has been tax effected at a rate of 21%.