Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per ShareBasic net income per common share is based upon the weighted-average number of common shares outstanding. Diluted net income per common share utilizing the treasury method is based upon the weighted-average number of common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period when the effect is dilutive.

The following table sets forth the computation of basic and diluted net income per common share for the periods ended:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands, except per share amounts)
Net income	$	667,434	$	57,518	$	2,107,457	$	593,576

Basic weighted-average common shares outstanding	260,392		256,946		260,313		256,289
Effect of potentially dilutive securities:
Stock options	1,887		2,080		1,936		2,297
Restricted stock and restricted stock units (including PSUs)	1,788		1,434		1,765		1,582
Employee stock purchase program	12		13		17		14
Diluted weighted-average common shares outstanding	264,079		260,473		264,031		260,182

Basic net income per common share	$	2.56	$	0.22	$	8.10	$	2.32
Diluted net income per common share	$	2.53	$	0.22	$	7.98	$	2.28

The Company did not include the securities in the following table in the computation of the net income per common share because the effect would have been anti-dilutive during each period:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
	(in thousands)
Stock options	23	3,303	303	3,116
Unvested restricted stock and restricted stock units (including PSUs)	252	13	229	7