XML 111 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share  
Earnings per share

NOTE  9 – EARNINGS PER SHARE 

 

The following table presents the computation of basic and diluted earnings per share for the three and six months ended June  30, 2013 and 2012 (in thousands, except per share data): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

 

For the Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Numerator (basic and diluted):

 

 

 

 

 

 

 

 

 

 

 

Net income

$
177,127 

 

$
146,120 

 

$
331,456 

 

$
293,612 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per share - weighted-average shares

 
110,278 

 

 
124,870 

 

 
110,914 

 

 
125,920 

Effect of stock options (1)

 
1,801 

 

 
2,318 

 

 
1,822 

 

 
2,341 

Denominator for diluted earnings per share - weighted-average shares

 
112,079 

 

 
127,188 

 

 
112,736 

 

 
128,261 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share-basic

$
1.61 

 

$
1.17 

 

$
2.99 

 

$
2.33 

Earnings per share-assuming dilution

$
1.58 

 

$
1.15 

 

$
2.94 

 

$
2.29 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Stock options (1)

 
784 

 

 
1,035 

 

 
1,182 

 

 
1,213 

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

$
96.38 

 

$
89.69 

 

$
93.57 

 

$
87.85 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Note 8 for further discussion on the terms of the Company's share-based compensation plans.

 

For the three and six months ended June  30, 2013 and 2012, 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, 2013, through and including August 8, 2013, the Company repurchased 0.5 million shares of its common stock at an average price of $113.66, for a total investment of $56.3 million.