Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2023

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.

Earnings per share
Table	6.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)		2023		2022		2023		2022
Basic earnings per share:
Net income		$	191,054	$	249,268	$	345,601	$	424,281
Weighted average common shares outstanding - basic		285,906		308,840		288,434		312,388
Basic earnings per share		$	0.67	$	0.81	$	1.20	$	1.36
Diluted earnings per share:
Net income		$	191,054	$	249,268	$	345,601	$	424,281
Interest expense, net of tax (1):
9% Debentures		375		719		750		2,231
Diluted income available to common shareholders		$	191,429	$	249,987	$	346,351	$	426,512
Weighted average common shares outstanding - basic		285,906		308,840		288,434		312,388
Effect of dilutive securities:
Unvested RSUs		2,016		1,613		2,047		1,821
9% Debentures		1,644		3,092		1,644		4,803
Weighted average common shares outstanding - diluted		289,566		313,545		292,125		319,012
Diluted earnings per share		$	0.66	$	0.80	$	1.19	$	1.34

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