Earnings Per Share

3 Months Ended

Mar. 31, 2025

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, 2025		March 31, 2024
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	2,890,351	$	2,332,209
Shares used in computation:
Weighted-average shares of common stock outstanding	427,270		432,090
Basic earnings per share	$	6.76	$	5.40

Diluted earnings per share:
Net income	$	2,890,351	$	2,332,209
Shares used in computation:
Weighted-average shares of common stock outstanding	427,270		432,090
Effect of dilutive stock-based awards	9,692		9,564
Weighted-average number of shares	436,962		441,654
Diluted earnings per share	$	6.61	$	5.28

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,
2025

March 31,
2024

(in thousands)

Stock-based awards

685