Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share

Earnings Per Share

NOTE 10 – EARNINGS PER SHARE

The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the three and six months ended June 30, 2012 and 2011 (in thousands, except per share data):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2012		2011		2012		2011
Numerator (basic and diluted):
Net income	$	146,120	$	133,772	$	293,612	$	236,246
Denominator:
Denominator for basic earnings per share - weighted-average shares		124,870		137,399		125,920		138,982
Effect of stock options (1)		2,318		2,317		2,341		2,307
Denominator for diluted earnings per share - weighted-average shares		127,188		139,716		128,261		141,289
Earnings per share-basic	$	1.17	$	0.97	$	2.33	$	1.70
Earnings per share-assuming dilution	$	1.15	$	0.96	$	2.29	$	1.67

Antidilutive common stock equivalents not included in the calculation of diluted earnings per share:
Stock options (1)		1,035		1,400		1,213		1,552
Weighted-average exercise price per share of antidilutive stock options (1)	$	89.69	$	57.04	$	87.85	$	56.20
(1) See Note 9 for further discussion on the terms of the Company's share-based compensation plans.

For the three and six months ended June 30, 2012 and 2011, the computation of diluted earnings per share did not include certain common stock equivalents.These common stock equivalents represent underlying stock options not included in the computation of diluted earnings per share, because the inclusion of such equivalents would have been antidilutive.

From July 1, 2012, through and including August 8, 2012, the Company repurchased 3.3 million shares of its common stock at an average price of $85.49, for a total investment of $285.5 million.