XML 64 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share  
Earnings per share

NOTE  9 – EARNINGS PER SHARE 

 

The following table presents the computation of basic and diluted earnings per share for the three and nine months ended September  30, 2013 and 2012 (in thousands, except per share data): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Nine Months Ended

 

September 30,

 

September 30,

 

2013

 

2012

 

2013

 

2012

Numerator (basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

Net income

$
186,489 

 

$
159,332 

 

$
517,945 

 

$
452,944 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - weighted-average shares

 
108,307 

 

 
118,546 

 

 
110,034 

 

 
123,448 

Effect of stock options (1)

 
1,886 

 

 
1,993 

 

 
1,851 

 

 
2,222 

Denominator for diluted earnings per share - weighted-average shares

 
110,193 

 

 
120,539 

 

 
111,885 

 

 
125,670 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-basic

$
1.72 

 

$
1.34 

 

$
4.71 

 

$
3.67 

Earnings per share-assuming dilution

$
1.69 

 

$
1.32 

 

$
4.63 

 

$
3.60 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive common stock equivalents not included in the calculation of diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Stock options (1)

 
190 

 

 
1,465 

 

 
639 

 

 
1,483 

Weighted-average exercise price per share of antidilutive stock options (1)

$
106.40 

 

$
87.75 

 

$
98.77 

 

$
87.68 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Note 8 for further discussion on the terms of the Company's share-based compensation plans.

 

For the three and nine months ended September  30, 2013 and 2012, the computation of diluted earnings per share did not include certain common stock equivalents.  These common stock equivalents represent underlying stock options not included in the computation of diluted earnings per share, because the inclusion of such equivalents would have been antidilutive. 

 

From October 1, 2013, through and including November 8, 2013, the Company repurchased 0.7 million shares of its common stock at an average price of $124.72, for a total investment of $83.4  million.