Earnings Per Share

9 Months Ended

Sep. 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				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,363,509	$	1,677,422	$	6,843,024	$	4,470,152
Shares used in computation:
Weighted-average shares of common stock outstanding	428,239		441,537		430,125		443,540
Basic earnings per share	$	5.52	$	3.80	$	15.91	$	10.08
Diluted earnings per share:
Net income	$	2,363,509	$	1,677,422	$	6,843,024	$	4,470,152
Shares used in computation:
Weighted-average shares of common stock outstanding	428,239		441,537		430,125		443,540
Effect of dilutive stock-based awards	9,659		8,474		9,632		7,779
Weighted-average number of shares	437,898		450,011		439,757		451,319
Diluted earnings per share	$	5.40	$	3.73	$	15.56	$	9.90

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		Nine Months Ended
	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
	(in thousands)
Stock-based awards	159	3,147	321	4,447