Earnings Per Share

6 Months Ended

Jun. 30, 2020

NOTE 12 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2020 and 2019 (in thousands, except per share data):


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Numerator (basic and diluted):
Net income	$	531,667	$	353,681	$	832,105	$	674,833

Denominator:
Weighted-average common shares outstanding – basic		74,205		77,613		74,611		78,047
Effect of stock options ⁽¹⁾		628		799		635		807
Weighted-average common shares outstanding – assuming dilution		74,833		78,412		75,246		78,854

Earnings per share:
Earnings per share-basic	$	7.16	$	4.56	$	11.15	$	8.65
Earnings per share-assuming dilution	$	7.10	$	4.51	$	11.06	$	8.56

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾		341		184		348		188
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	378.84	$	357.18	$	378.29	$	357.33

(1)	See Note 11 for further information concerning the terms of the Company’s share-based compensation plans.

For the three and six months ended June 30, 2020 and 2019, 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 second quarter and through August 7, 2020, the Company repurchased an additional 0.1 million shares of its common stock under its share repurchase program, at an average price of $423.09, for a total investment of 35.8 million.