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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Computations of Basic and Diluted Net Earnings Per Share

The computations of basic and diluted net earnings per share are as follows (in thousands, except per share data):

 

Year Ended December 31,

   2017      2016      2015  

Basic net earnings per share:

        

Basic net earnings

   $ 1,318,688      $ 796,271      $ 80,724  

Earnings allocated to participating securities

     (4,549      (2,632      (1,514
  

 

 

    

 

 

    

 

 

 

Net earnings available to common stockholders

   $ 1,314,139      $ 793,639      $ 79,210  
  

 

 

    

 

 

    

 

 

 

Average shares outstanding

     319,990        319,563        320,565  
  

 

 

    

 

 

    

 

 

 

Basic net earnings per share

   $ 4.11      $ 2.48      $ 0.25  
  

 

 

    

 

 

    

 

 

 

Diluted net earnings per share:

        

Diluted net earnings

   $ 1,318,688      $ 796,271      $ 80,724  

Earnings allocated to participating securities

     (4,539      (2,631      (1,514
  

 

 

    

 

 

    

 

 

 

Net earnings available to common stockholders

   $ 1,314,149      $ 793,640      $ 79,210  
  

 

 

    

 

 

    

 

 

 

Diluted average shares outstanding:

        

Basic shares outstanding

     319,990        319,563        320,565  

Dilutive effect of stock options and other

     783        259        114  
  

 

 

    

 

 

    

 

 

 
     320,773        319,822        320,679  
  

 

 

    

 

 

    

 

 

 

Diluted net earnings per share

   $ 4.10      $ 2.48      $ 0.25  
  

 

 

    

 

 

    

 

 

 
Anti-dilutive Stock Options

The following stock options were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive (shares in thousands):

 

Year Ended December 31,

   2017      2016      2015  

Anti-dilutive stock options:

        

Weighted-average shares

     407        942        1,226  
  

 

 

    

 

 

    

 

 

 

Weighted-average exercise price

   $ 59.07      $ 47.04      $ 47.20