Earnings Per Share

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31,
	2023		2022		2021
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	5,407,990	$	4,491,924	$	5,116,228
Shares used in computation:
Weighted-average shares of common stock outstanding	441,571		444,698		443,155
Basic earnings per share	$	12.25	$	10.10	$	11.55
Diluted earnings per share:
Net income	$	5,407,990	$	4,491,924	$	5,116,228
Shares used in computation:
Weighted-average shares of common stock outstanding	441,571		444,698		443,155
Employee stock options	7,927		6,592		12,217
Weighted-average number of shares	449,498		451,290		455,372
Diluted earnings per share	$	12.03	$	9.95	$	11.24

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 common shares excluded from the diluted calculation:


	Year Ended December 31,
	2023	2022	2021
	(in thousands)
Employee stock options	4,109	6,790	348