Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2014 and 2013 (in thousands, except per share data):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2014		2013		2014		2013
Numerator (basic and diluted):
Net income	$	205,647	$	177,127	$	379,507	$	331,456
Denominator:
Denominator for basic earnings per share - weighted-average shares	105,772		110,278		105,982		110,914
Effect of stock options (1)	1,784		1,801		1,835		1,822
Denominator for diluted earnings per share - weighted-average shares	107,556		112,079		107,817		112,736
Earnings per share:
Earnings per share-basic	$	1.94	$	1.61	$	3.58	$	2.99
Earnings per share-assuming dilution	$	1.91	$	1.58	$	3.52	$	2.94
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)	305		784		336		1,182
Weighted-average exercise price per share of antidilutive stock options (1)	$	137.82	$	96.38	$	137.35	$	93.57

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

For the three and six months ended June 30, 2014 and 2013, the computation of diluted earnings per share did not include certain securities. These securities represent underlying stock options not included in the computation of diluted earnings per share, because the inclusion of such equity awards would have been antidilutive.

Subsequent to the end of the second quarter and through August 8, 2014, the Company repurchased 1.2 million shares of its common stock, at an average price of $151.00, for a total investment of $177.8 million.