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Earnings Per Share
 9 Months Ended
Sep. 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 nine months ended September 30, 2012 and 2011 (in thousands, except per share data): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

 

2012

 

2011

 

2012

 

2011

Numerator (basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

Net income

$
159,332 

 

$
148,439 

 

$
452,944 

 

$
384,685 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - weighted-average shares

 
118,546 

 

 
132,777 

 

 
123,448 

 

 
136,895 

Effect of stock options (1)

 
1,993 

 

 
2,256 

 

 
2,222 

 

 
2,288 

Denominator for diluted earnings per share - weighted-average shares

 
120,539 

 

 
135,033 

 

 
125,670 

 

 
139,183 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-basic

$
1.34 

 

$
1.12 

 

$
3.67 

 

$
2.81 

Earnings per share-assuming dilution

$
1.32 

 

$
1.10 

 

$
3.60 

 

$
2.76 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antidilutive common stock equivalents not included in the calculation of diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

Stock options (1)

 
1,465 

 

 
1,434 

 

 
1,483 

 

 
1,616 

Weighted-average exercise price per share of antidilutive stock options (1)

$
87.75 

 

$
59.78 

 

$
87.68 

 

$
58.97 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Note 9 for further discussion on the terms of the Company's share-based compensation plans.

 

For the three and nine months ended September 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 October 1, 2012, through and including November 8, 2012, the Company repurchased 1.6 million shares of its common stock at an average price of $83.68, for a total investment of $136.6 million.