Earnings Per Share

12 Months Ended

Dec. 31, 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 outstanding 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:

	Year Ended December 31,
	2024		2023		2022
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	8,711,631	$	5,407,990	$	4,491,924
Shares used in computation:
Weighted-average shares of common stock outstanding	429,519		441,571		444,698
Basic earnings per share	$	20.28	$	12.25	$	10.10
Diluted earnings per share:
Net income	$	8,711,631	$	5,407,990	$	4,491,924
Shares used in computation:
Weighted-average shares of common stock outstanding	429,519		441,571		444,698
Effect of dilutive stock-based awards	9,742		7,927		6,592
Weighted-average number of shares	439,261		449,498		451,290
Diluted earnings per share	$	19.83	$	12.03	$	9.95

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

	Year Ended December 31,
	2024	2023	2022
	(in thousands)
Stock-based awards	243	4,109	6,790