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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2018
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,    2018      2017      2016  

Basic net earnings per share:

        

Basic net earnings

   $ 2,360,767      $ 1,318,688      $ 796,271  

Earnings allocated to participating securities

     (9,344      (4,549      (2,632
  

 

 

    

 

 

    

 

 

 

Net earnings available to common stockholders

   $ 2,351,423      $ 1,314,139      $ 793,639  
  

 

 

    

 

 

    

 

 

 

Average shares outstanding

     315,858        319,990        319,563  
  

 

 

    

 

 

    

 

 

 

Basic net earnings per share

   $ 7.44      $ 4.11      $ 2.48  
  

 

 

    

 

 

    

 

 

 

Diluted net earnings per share:

        

Diluted net earnings

   $ 2,360,767      $ 1,318,688      $ 796,271  

Earnings allocated to participating securities

     (9,317      (4,539      (2,631
  

 

 

    

 

 

    

 

 

 

Net earnings available to common stockholders

   $ 2,351,450      $ 1,314,149      $ 793,640  
  

 

 

    

 

 

    

 

 

 

Diluted average shares outstanding:

        

Basic shares outstanding

     315,858        319,990        319,563  

Dilutive effect of stock options and other

     875        783        259  
  

 

 

    

 

 

    

 

 

 
     316,733        320,773        319,822  
  

 

 

    

 

 

    

 

 

 

Diluted net earnings per share

   $ 7.42      $ 4.10      $ 2.48  
  

 

 

    

 

 

    

 

 

 
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,    2018      2017      2016  

Anti-dilutive stock options:

        

Weighted-average shares

     156        407        942  
  

 

 

    

 

 

    

 

 

 

Weighted-average exercise price

   $ 65.80      $ 59.07      $ 47.04