Earnings Per Share

6 Months Ended

Jun. 30, 2023

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, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	1,487,610	$	1,440,951	$	2,792,730	$	3,038,398
Shares used in computation:
Weighted-average shares of common stock outstanding	443,881		444,557		444,559		444,352
Basic earnings per share	$	3.35	$	3.24	$	6.28	$	6.84

Diluted earnings per share:
Net income	$	1,487,610	$	1,440,951	$	2,792,730	$	3,038,398
Shares used in computation:
Weighted-average shares of common stock outstanding	443,881		444,557		444,559		444,352
Employee stock options	7,691		5,612		7,431		7,226
Weighted-average number of shares	451,572		450,169		451,990		451,578
Diluted earnings per share	$	3.29	$	3.20	$	6.18	$	6.73

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,
2023

June 30,
2022

June 30,
2023

June 30,
2022

(in thousands)

Employee stock options

4,348

8,175

5,097

5,462