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Earnings Per Share (Tables)
12 Months Ended
Dec. 31, 2021
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,

 

2021

 

 

2020

 

 

2019

 

Basic net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic net earnings

 

$

6,827,461

 

 

$

721,470

 

 

$

1,271,143

 

Earnings allocated to participating securities

 

 

(32,311

)

 

 

(4,356

)

 

 

(7,035

)

Net earnings available to common stockholders

 

$

6,795,150

 

 

$

717,114

 

 

$

1,264,108

 

Basic average shares outstanding

 

 

292,491

 

 

 

303,168

 

 

 

305,040

 

Basic net earnings per share

 

$

23.23

 

 

$

2.37

 

 

$

4.14

 

Diluted net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net earnings

 

$

6,827,461

 

 

$

721,470

 

 

$

1,271,143

 

Earnings allocated to participating securities

 

 

(32,190

)

 

 

(4,359

)

 

 

(7,034

)

Net earnings available to common stockholders

 

$

6,795,271

 

 

$

717,111

 

 

$

1,264,109

 

Diluted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic average shares outstanding

 

 

292,491

 

 

 

303,168

 

 

 

305,040

 

Dilutive effect of stock options and other

 

 

899

 

 

 

103

 

 

 

463

 

 

 

 

293,390

 

 

 

303,271

 

 

 

305,503

 

Diluted net earnings per share

 

$

23.16

 

 

$

2.36

 

 

$

4.14

 

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,

 

2021

 

 

2020

 

 

2019

 

Anti-dilutive stock options:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares

 

 

144,767

 

 

 

2,972

 

 

963

 

Weighted-average exercise price

 

$

91.06

 

 

$

51.87

 

 

$

60.92