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Earnings Per Share
9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings per share
NOTE 7 – EARNINGS PER SHARE

The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2014 and 2013 (in thousands, except per share data):
 
For the Three Months Ended 
 September 30,
 
For the Nine Months Ended 
 September 30,
 
2014
 
2013
 
2014
 
2013
Numerator (basic and diluted):
 
 
 
 
 
 
 
Net income
$
216,997

 
$
186,489

 
$
596,504

 
$
517,945

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per share - weighted-average shares
103,498

 
108,307

 
105,146

 
110,034

Effect of stock options (1)
1,724

 
1,886

 
1,799

 
1,851

Denominator for diluted earnings per share - weighted-average shares
105,222

 
110,193

 
106,945

 
111,885

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Earnings per share-basic
$
2.10

 
$
1.72

 
$
5.67

 
$
4.71

Earnings per share-assuming dilution
$
2.06

 
$
1.69

 
$
5.58

 
$
4.63

 
 
 
 
 
 
 
 
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
 
 
 
 
 
 
 
Stock options (1)
257

 
190

 
328

 
639

Weighted-average exercise price per share of antidilutive stock options (1)
$
141.77

 
$
106.40

 
$
139.13

 
$
98.77


(1) 
See Note 6 for further discussion on the terms of the Company's share-based compensation plans.

For the three and nine months ended September 30, 2014 and 2013, the computation of diluted earnings per share did not include certain securities. These securities represent underlying stock options not included in the computation of diluted earnings per share, because the inclusion of such equity awards would have been antidilutive.

Subsequent to the end of the third quarter and through November 7, 2014, the Company repurchased 1.1 million shares of its common stock, at an average price of $151.05, for a total investment of $172.3 million.