Earnings Per Share

6 Months Ended

Jun. 30, 2017

Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows:



	Three Months Ended				Six Months Ended
	June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	65,600	$	40,755	$	243,822	$	68,413
Shares used in computation:
Weighted-average common shares outstanding	431,396		428,483		431,000		428,300
Basic earnings per share	$	0.15	$	0.10	$	0.57	$	0.16

Diluted earnings per share:
Net income	$	65,600	$	40,755	$	243,822	$	68,413
Shares used in computation:
Weighted-average common shares outstanding	431,396		428,483		431,000		428,300
Employee stock options	14,866		9,671		14,862		9,773
Weighted-average number of shares	446,262		438,154		445,862		438,073
Diluted earnings per share	$	0.15	$	0.09	$	0.55	$	0.16

Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation:



	Three Months Ended		Six months ended
	June 30, 2017	June 30, 2016	June 30, 2017	June 30, 2016
	(in thousands)
Employee stock options	215	1,930	226	1,634