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Earnings per Share | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of shares of common stock outstanding. For purposes of calculating basic EPS, vested restricted stock and restricted stock units (“RSUs”) are considered outstanding. Diluted EPS includes the components of basic EPS and also gives effect to dilutive common stock equivalents. The determination of whether components are dilutive is calculated independently for each period. We calculate diluted EPS using the treasury stock method and if-converted method. Under the treasury stock method, diluted EPS reflects the potential dilution that could occur if unvested RSUs result in the issuance of common stock. Under the if-converted method, diluted EPS reflects the potential dilution that could occur if our 9% Debentures result in the issuance of common stock. The determination of potentially issuable shares does not consider the satisfaction of the conversion requirements and the shares are included in the determination of diluted EPS as of the beginning of the period, if dilutive. 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%.

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