Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:


	Three Months Ended
	March 31, 2024		March 31, 2023
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,332,209	$	1,305,120
Shares used in computation:
Weighted-average shares of common stock outstanding	432,090		445,244
Basic earnings per share	$	5.40	$	2.93

Diluted earnings per share:
Net income	$	2,332,209	$	1,305,120
Shares used in computation:
Weighted-average shares of common stock outstanding	432,090		445,244
Effect of dilutive stock-based awards	9,564		7,173
Weighted-average number of shares	441,654		452,417
Diluted earnings per share	$	5.28	$	2.88

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:

Three Months Ended

March 31,
2024

March 31,
2023

(in thousands)

Stock-based awards

685

5,847