Earnings Per Share

6 Months Ended

Jun. 30, 2024

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 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				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Basic earnings per share	$	4.99	$	3.35	$	10.39	$	6.28
Diluted earnings per share:
Net income	$	2,147,306	$	1,487,610	$	4,479,515	$	2,792,730
Shares used in computation:
Weighted-average shares of common stock outstanding	430,065		443,881		431,078		444,559
Effect of dilutive stock-based awards	9,674		7,691		9,619		7,431
Weighted-average number of shares	439,739		451,572		440,697		451,990
Diluted earnings per share	$	4.88	$	3.29	$	10.16	$	6.18

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		Six Months Ended
	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
	(in thousands)
Stock-based awards	118	4,348	402	5,097