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Earnings per Share | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
Basic earnings per share: |  |  |  |  |  |
Net income |  | $ | 762,994 |  |  | $ | 712,949 |  |  | $ | 865,349 |
Weighted average common shares outstanding - basic |  | 261,684 |  |  | 283,605 |  |  | 305,847 |
Basic earnings per share |  | $ | 2.92 |  |  | $ | 2.51 |  |  | $ | 2.83 |
Diluted earnings per share: |  |  |  |  |  |
Net Income |  | $ | 762,994 |  |  | $ | 712,949 |  |  | $ | 865,349 |
Interest expense, net of tax (1): |  |  |  |  |  |
9% Debentures |  | — |  |  | 1,026 |  |  | 3,228 |
Diluted income available to common shareholders |  | $ | 762,994 |  |  | $ | 713,975 |  |  | $ | 868,577 |
Weighted-average shares - basic |  | 261,684 |  |  | 283,605 |  |  | 305,847 |
Effect of dilutive securities: |  |  |  |  |  |
Unvested restricted stock units |  | 2,311 |  |  | 2,427 |  |  | 1,917 |
9% Debentures |  | — |  |  | 1,123 |  |  | 3,465 |
Weighted average common shares outstanding - diluted |  | 263,995 |  |  | 287,155 |  |  | 311,229 |
Diluted income per share |  | $ | 2.89 |  |  | $ | 2.49 |  |  | $ | 2.79 |
(1) Interest expense has been tax effected at a rate of 21%. Prior to our redemption of the outstanding principal on our 9% debentures in 2023, we utilized the if-converted method to calculate the potential dilution that could occur if our 9% Debentures were converted to common stock. Under this method, if dilutive, the common stock related to the outstanding 9% Debentures was assumed to be issued as of the beginning of the reporting period and the related interest expense, net of tax, was added back to earnings in calculating diluted EPS. In 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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