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Earnings per Share | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings per Share | 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) |  | 2023 |  | 2022 |  | 2021
Basic earnings per share: |  |  |  |  |  |
Net income |  | $ | 712,949 |  |  | $ | 865,349 |  |  | $ | 634,983 |
Weighted average common shares outstanding - basic |  | 283,605 |  |  | 305,847 |  |  | 334,330 |
Basic earnings per share |  | $ | 2.51 |  |  | $ | 2.83 |  |  | $ | 1.90 |
Diluted earnings per share: |  |  |  |  |  |
Net Income |  | $ | 712,949 |  |  | $ | 865,349 |  |  | $ | 634,983 |
Interest expense, net of tax (1): |  |  |  |  |  |
9% Debentures |  | 1,026 |  |  | 3,228 |  |  | 14,343 |
Diluted income available to common shareholders |  | $ | 713,975 |  |  | $ | 868,577 |  |  | $ | 649,326 |
Weighted-average shares - basic |  | 283,605 |  |  | 305,847 |  |  | 334,330 |
Effect of dilutive securities: |  |  |  |  |  |
Unvested restricted stock units |  | 2,427 |  |  | 1,917 |  |  | 1,782 |
9% Debentures |  | 1,123 |  |  | 3,465 |  |  | 15,196 |
Weighted average common shares outstanding - diluted |  | 287,155 |  |  | 311,229 |  |  | 351,308 |
Diluted income per share |  | $ | 2.49 |  |  | $ | 2.79 |  |  | $ | 1.85 |
(1) Interest expense has been tax effected at a rate of 21%. All of our outstanding 9% Debentures were 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. In the third quarter of 2023, under the terms of our 9% Debentures, we exercised our option to redeem the outstanding principal. (See Note 7 - "Debt".)

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