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EPS Calculation | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
EPS Calculation | EPS Calculation The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for the three and nine months ended September 30, 2019 and 2018:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands, Except Per Share Amounts) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Basic EPS: |  |  |  |  |  |  |  |
Net income to common stockholders |  | $ | 95,599 |  |  | $ | 87,132 |  |  | $ | 277,496 |  |  | $ | 240,922 |
Dividends declared on preferred stock |  | (3,750 | ) |  | (3,750 | ) |  | (11,250 | ) |  | (11,250 | )
Dividends, dividend equivalents and undistributed earnings allocated to participating securities |  | (280 | ) |  | (241 | ) |  | (808 | ) |  | (702 | )
Net income to common stockholders - basic |  | $ | 91,569 |  |  | $ | 83,141 |  |  | $ | 265,438 |  |  | $ | 228,970 |
Basic weighted average common shares outstanding |  | 451,020 |  |  | 428,713 |  |  | 450,641 |  |  | 408,614 |
Basic EPS |  | $ | 0.20 |  |  | $ | 0.19 |  |  | $ | 0.59 |  |  | $ | 0.56 |
Diluted EPS: |  |  |  |  |  |  |  |
Net income to common stockholders - basic |  | 91,569 |  |  | 83,141 |  |  | 265,438 |  |  | 228,970 |
Interest expense on Convertible Senior Notes |  | 3,879 |  |  | — |  |  | 5,085 |  |  | — |
Net income to common stockholders - diluted |  | $ | 95,448 |  |  | $ | 83,141 |  |  | $ | 270,523 |  |  | $ | 228,970 |
Basic weighted average common shares outstanding |  | 451,020 |  |  | 428,713 |  |  | 450,641 |  |  | 408,614 |
Effect of assumed Convertible Senior Notes conversion to common shares |  | 28,920 |  |  | — |  |  | 12,712 |  |  | — |
Diluted weighted average common shares outstanding (1) |  | 479,940 |  |  | 428,713 |  |  | 463,353 |  |  | 408,614 |
Diluted EPS |  | $ | 0.20 |  |  | $ | 0.19 |  |  | $ | 0.58 |  |  | $ | 0.56 |
(1) | At September 30, 2019, the Company had approximately 3.0 million equity instruments outstanding that were not included in the calculation of diluted EPS for the three and nine months ended September 30, 2019, as their inclusion would have been anti-dilutive. These equity instruments reflect RSUs (based on current estimate of expected share settlement amount) with a weighted average grant date fair value of $7.37. These equity instruments may have a dilutive impact on future EPS.
During the three and nine months ended September 30, 2019, the Convertible Senior Notes were determined to be dilutive and were included in the calculation of diluted EPS under the “if-converted” method. Under this method, the periodic interest expense for dilutive notes is added back to the numerator and the weighted average number of shares that the notes are entitled to (if converted, regardless of whether the conversion option is in or out of the money) is included in the denominator for the purpose of calculating diluted EPS.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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