Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings per share

NOTE 7 – EARNINGS PER SHARE

The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the three months ended March 31, 2014 and 2013 (in thousands, except per share data):

	For the Three Months Ended March 31,
	2014		2013
Numerator (basic and diluted):
Net income	$	173,860	$	154,329
Denominator:
Denominator for basic earnings per share - weighted-average shares	106,191		111,557
Effect of stock options (1)	1,879		1,839
Denominator for diluted earnings per share - weighted-average shares	108,070		113,396
Earnings per share:
Earnings per share-basic	$	1.64	$	1.38
Earnings per share-assuming dilution	$	1.61	$	1.36
Antidilutive common stock equivalents not included in the calculation of diluted earnings per share:
Stock options (1)	288		1,555
Weighted-average exercise price per share of antidilutive stock options (1)	$	135.22	$	91.08

⁽¹⁾  See Note 6 for further discussion on the terms of the Company's share-based compensation plans.

For the three months ended March 31, 2014 and 2013, 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.

Subsequent to the end of the first quarter and through May 9, 2014, the Company repurchased 0.3 million shares of its common stock, at an average price of $145.55, for a total investment of $48.5 million.