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.