Earnings per Share

12 Months Ended

Dec. 31, 2022


NOTE 4						Earnings 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)		2022		2021		2020
Basic earnings per share:
Net income		$	865,349	$	634,983	$	446,093
Weighted average common shares outstanding - basic		305,847		334,330		339,953
Basic earnings per share		$	2.83	$	1.90	$	1.31
Diluted earnings per share:
Net income		$	865,349	$	634,983	$	446,093
Interest expense, net of tax (1):
9% Debentures		3,228		14,343		17,004
Diluted income available to common shareholders		$	868,577	$	649,326	$	463,097
Weighted-average shares - basic		305,847		334,330		339,953
Effect of dilutive securities:
Unvested restricted stock units		1,917		1,782		1,589
9% Debentures		3,465		15,196		17,751
Weighted average common shares outstanding - diluted		311,229		351,308		359,293
Diluted income per share		$	2.79	$	1.85	$	1.29

(1) Interest expense has been tax effected at a rate of 21%.

For the years ended December 31, 2022, 2021, and 2020, all of our outstanding 9% Debentures are reflected in diluted earnings per share using the “if-converted” method. Under this method, if dilutive, the common stock related to the outstanding 9% Debentures is assumed issued as of the beginning of the reporting period and the related interest expense, net of tax, is added back to earnings in calculating diluted EPS.