Earnings Per Share

6 Months Ended

Jun. 30, 2019

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, 2019		June 30, 2018		June 30, 2019		June 30, 2018
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	270,650	$	384,349	$	614,702	$	674,473
Shares used in computation:
Weighted-average common shares outstanding	437,587		435,097		437,271		434,638
Basic earnings per share	$	0.62	$	0.88	$	1.41	$	1.55

Diluted earnings per share:
Net income	$	270,650	$	384,349	$	614,702	$	674,473
Shares used in computation:
Weighted-average common shares outstanding	437,587		435,097		437,271		434,638
Employee stock options	14,608		16,455		14,792		16,320
Weighted-average number of shares	452,195		451,552		452,063		450,958
Diluted earnings per share	$	0.60	$	0.85	$	1.36	$	1.50

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.