jQuery - Read More Read Less How to replace text

Question

HTML:

<a href="#" class="show_hide" data-content="toggle-text">Read More</a>

jQuery:

// Slide Up Slide Down
$('.show_hide').toggle(function(){
$(this).text().replace("Read More", "Read Less");
$('.' + $(this).attr('data-content')).slideDown();

},function(){
$(this).text().replace("Read Less", "Read More");
$('.' + $(this).attr('data-content')).slideUp();
});

I am trying to make one of those "Read More / Read Less" buttons to hide and show text.
How do I replace "Read More" with "Read Less" on click?

Your input is much appreciated!