Earnings Per Share

9 Months Ended

Sep. 30, 2021

Basic net income per common share is based upon the weighted-average number of common shares outstanding during the period. Diluted net income per common share utilizing the treasury-stock method is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period when the effect is dilutive.

The following table sets forth the computation of basic and diluted net income per common share for the periods ended:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands, except per share amounts)
Net income	$	851,928	$	667,434	$	1,571,990	$	2,107,457

Basic weighted-average common shares outstanding	257,876		260,392		258,740		260,313
Effect of potentially dilutive securities:
Stock options	971		1,887		1,124		1,936
Restricted stock units (including PSUs)	841		1,788		1,003		1,765
Employee stock purchase program	19		12		10		17
Diluted weighted-average common shares outstanding	259,707		264,079		260,877		264,031

Basic net income per common share	$	3.30	$	2.56	$	6.08	$	8.10
Diluted net income per common share	$	3.28	$	2.53	$	6.03	$	7.98

The Company did not include the securities in the following table in the computation of the net income per common share because the effect would have been anti-dilutive during each period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
	(in thousands)
Stock options	1,060	23	711	303
Unvested restricted stock units (including PSUs)	204	252	440	229