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Earnings per Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Earnings per Share |
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.

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