Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share

Earnings Per Share

NOTE 10—EARNINGS PER SHARE

The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the three months ended March 31, 2012 and 2011 (in thousands, except per share data):

	For the Three Months ended  March 31,
	2012		2011
Numerator (basic and diluted):
Net income	$	147,492	$	102,474
Denominator:
Denominator for basic earnings per share–         weighted-average shares		126,970		140,579
Effect of stock options (1)		2,357		2,287
Denominator for diluted earnings per share - weighted-average shares		129,327		142,866
Earnings per share-basic	$	1.16	$	0.73
Earnings per share-assuming dilution	$	1.14	$	0.72

Antidilutive common stock equivalents not included in the calculation of diluted earnings per share:
Stock options (1)		907		1,377
Weighted-average exercise price per share of antidilutive stock options (1)	$	81.73	$	54.43
(1)  See Note 9 for further discussion on the terms of the Company's share-based compensation plans.

For the three months ended March 31, 2012 and 2011, 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 April 1, 2012, through and including May 9, 2012, the Company repurchased 0.3 million shares of its common stock at an average price of $102.77, for a total investment of $30.6 million.