Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

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


Earnings per share
Table	6.1
		Three Months Ended March 31,
(In thousands, except per share data)		2023		2022
Basic earnings per share:
Net income		$	154,547	$	175,013
Weighted average common shares outstanding - basic		290,989		315,975
Basic earnings per share		$	0.53	$	0.55

Diluted earnings per share:
Net income		$	154,547	$	175,013
Interest expense, net of tax (1):
9% Debentures		375		1,512
Diluted income available to common shareholders		$	154,922	$	176,525

Weighted average common shares outstanding - basic		290,989		315,975
Effect of dilutive securities:
Unvested RSUs		2,079		2,029
9% Debentures		1,644		6,534
Weighted average common shares outstanding - diluted		294,712		324,538
Diluted earnings per share		$	0.53	$	0.54

(1) Interest expense for the three months ended March 31, 2023 and 2022, respectively, has been tax effected at a rate of 21%.