Earnings Per Share

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

We compute basic earnings per share (EPS) using net earnings for the period and the weighted average number of common shares outstanding during the period. Basic weighted average shares outstanding have decreased in 2021 and 2020 due to share repurchases. See Note N for further discussion of our share repurchases. Diluted EPS incorporates the additional shares issuable upon the assumed exercise of stock options and the release of restricted stock and restricted stock units (RSUs).

Basic and diluted weighted average shares outstanding were as follows (in thousands):


Year Ended December 31	2021	2020	2019
Basic weighted average shares outstanding	280,427	286,922	288,286
Dilutive effect of stock options and restricted stock/RSUs*	1,590	991	2,550
Diluted weighted average shares outstanding	282,017	287,913	290,836

*Excludes outstanding options to purchase shares of common stock that had exercise prices in excess of the average market price of our common stock during the year and, therefore, the effect of including these options would be antidilutive. These options totaled 5,037 in 2021, 7,159 in 2020 and 4,985 in 2019.