Earnings Per Share

6 Months Ended

Jun. 30, 2021

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 outstanding shares of common stock during the period. Potential shares of common stock 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, 2021		June 30, 2020		June 30, 2021		June 30, 2020
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	1,353,013	$	720,196	$	3,059,728	$	1,429,263
Shares used in computation:
Weighted-average shares of common stock outstanding	443,159		440,569		443,192		439,961
Basic earnings per share	$	3.05	$	1.63	$	6.90	$	3.25

Diluted earnings per share:
Net income	$	1,353,013	$	720,196	$	3,059,728	$	1,429,263
Shares used in computation:
Weighted-average shares of common stock outstanding	443,159		440,569		443,192		439,961
Employee stock options	11,970		13,376		12,193		13,259
Weighted-average number of shares	455,129		453,945		455,385		453,220
Diluted earnings per share	$	2.97	$	1.59	$	6.72	$	3.15

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 shares of common stock excluded from the diluted calculation:

Three Months Ended

Six Months Ended

June 30,
2021

June 30,
2020

June 30,
2021

June 30,
2020

(in thousands)

Employee stock options

788

523

777