Earnings Per Share

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, 2018		June 30, 2017		June 30, 2018		June 30, 2017
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	384,349	$	65,600	$	674,473	$	243,822
Shares used in computation:
Weighted-average common shares outstanding	435,097		431,396		434,638		431,000
Basic earnings per share	$	0.88	$	0.15	$	1.55	$	0.57

Diluted earnings per share:
Net income	$	384,349	$	65,600	$	674,473	$	243,822
Shares used in computation:
Weighted-average common shares outstanding	435,097		431,396		434,638		431,000
Employee stock options	16,455		14,866		16,320		14,862
Weighted-average number of shares	451,552		446,262		450,958		445,862
Diluted earnings per share	$	0.85	$	0.15	$	1.50	$	0.55

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. These anti-dilutive stock options were immaterial for each period presented.