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Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share  
Earnings per share

NOTE 15 – EARNINGS PER SHARE

 

The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the years ended December 31, 2012, 2011 and 2010 (in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

2012

 

2011

 

2010

Numerator (basic and diluted):

 

 

 

 

 

 

 

 

Net income

$
585,746 

 

$
507,673 

 

$
419,373 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - weighted-average shares

 
121,182 

 

 
134,667 

 

 
138,654 

Effect of stock options (1)

 
2,132 

 

 
2,316 

 

 
2,348 

Effect of exchangeable notes

 

 -

 

 

 -

 

 
990 

Denominator for diluted earnings per share - weighted-average shares and assumed conversion

 
123,314 

 

 
136,983 

 

 
141,992 

 

 

 

 

 

 

 

 

 

Earnings per share-basic

$
4.83 

 

$
3.77 

 

$
3.02 

Earnings per share-assuming dilution

$
4.75 

 

$
3.71 

 

$
2.95 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Stock options (1)

 
1,816 

 

 
1,756 

 

 
1,373 

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

$
87.88 

 

$
62.79 

 

$
48.15 

 

 

 

 

 

 

 

 

 

(1) See Note 10 for further discussion on the terms of the Company's share-based compensation plans.

 

The exchangeable notes were retired in December of 2010, and therefore had no dilutive effect on 2012 or 2011 results.  Incremental net shares for the exchange feature of the exchangeable notes were included in the diluted earnings per share calculation for the year ended December 31, 2010. 

 

From January 1, 2013, through and including February 28, 2013, the Company repurchased 2.1 million shares of its common stock at an average price of $90.09, for a total investment of $185.6 million.