Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	(in thousands, except per share data)
Basic earnings per share:
Net income	$	3,125,413	$	2,147,306	$	6,015,764	$	4,479,515
Shares used in computation:
Weighted-average shares of common stock outstanding	425,211		430,065		426,235		431,078
Basic earnings per share	$	7.35	$	4.99	$	14.11	$	10.39

Diluted earnings per share:
Net income	$	3,125,413	$	2,147,306	$	6,015,764	$	4,479,515
Shares used in computation:
Weighted-average shares of common stock outstanding	425,211		430,065		426,235		431,078
Effect of dilutive stock-based awards	9,672		9,674		9,682		9,619
Weighted-average number of shares	434,883		439,739		435,917		440,697
Diluted earnings per share	$	7.19	$	4.88	$	13.80	$	10.16

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,
2025

June 30,
2024

June 30,
2025

June 30,
2024

(in thousands)

Stock-based awards

118

402