Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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 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				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	1,398,242	$	1,449,071	$	4,436,640	$	4,508,799
Shares used in computation:
Weighted-average shares of common stock outstanding	444,878		442,778		444,529		443,052
Basic earnings per share	$	3.14	$	3.27	$	9.98	$	10.18
Diluted earnings per share:
Net income	$	1,398,242	$	1,449,071	$	4,436,640	$	4,508,799
Shares used in computation:
Weighted-average shares of common stock outstanding	444,878		442,778		444,529		443,052
Employee stock options	5,466		12,147		6,639		12,178
Weighted-average number of shares	450,344		454,925		451,168		455,230
Diluted earnings per share	$	3.10	$	3.19	$	9.83	$	9.90

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		Nine Months Ended
	September 30, 2022	September 30, 2021	September 30, 2022	September 30, 2021
	(in thousands)
Employee stock options	8,536	279	6,487	441