Net Income Per Share

9 Months Ended

Sep. 30, 2019

The Company's basic net income per share amounts have been computed by dividing net income by the weighted average number of shares of Common Stock and Class A Stock outstanding. Net income per share is presented on a combined basis, inclusive of Common Stock and Class A Stock outstanding, as each class of stock has equivalent economic rights. Diluted net income per share includes the potential dilutive effect of other securities as if such securities were converted or exercised during the period, when the effect is dilutive. The calculations of basic and diluted net income per share are as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income - basic and diluted	$	669.6	$	594.7	$	1,323.8	$	1,624.0

(Shares in millions)
Weighted average shares - basic	109.4		108.0		109.2		107.8
Effect of dilutive securities:
Stock options	4.8		7.1		5.5		7.0
Weighted average shares - diluted	114.2		115.1		114.7		114.8

Net income per share - basic	$	6.12	$	5.50	$	12.12	$	15.06
Net income per share - diluted	$	5.86	$	5.17	$	11.54	$	14.14

Shares which have been excluded from diluted per share amounts because their effect would have been antidilutive include the following:



	Three Months Ended September 30,		Nine Months Ended September 30,
(Shares in millions)	2019	2018	2019	2018
Stock options	18.3	14.4	18.2	14.8
Restricted stock	0.4	—	0.4	0.1

Share repurchase program

In November 2019, our board of directors authorized a share repurchase program to repurchase up to $1.0 billion of our Common Stock. The share repurchase program permits the Company to effect repurchases through a variety of methods, including open-market transactions (including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Exchange Act), privately negotiated transactions, accelerated share repurchases, block trades, and other transactions in compliance with Rule 10b-18 of the Exchange Act. Repurchases may be made from time to time at management’s discretion, and the timing and amount of any such repurchases will be determined based on share price, market conditions, legal requirements, and other relevant factors. The program has no time limit and can be discontinued at any time. No shares have been repurchased under the program to date, and there can be no assurance as to the timing or number of shares of any repurchases in the future.