Earnings Per Share

12 Months Ended

Dec. 31, 2015

NOTE 13 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share data):



	For the Year Ended December 31,
	2015		2014		2013
Numerator (basic and diluted):
Net income	$	931,216	$	778,182	$	670,292

Denominator:
Weighted-average common shares outstanding – basic	99,965		104,262		109,244
Effect of stock options ⁽¹⁾	1,549		1,779		1,857
Weighted-average common shares outstanding – assuming dilution	101,514		106,041		111,101

Earnings per share:
Earnings per share-basic	$	9.32	$	7.46	$	6.14
Earnings per share-assuming dilution	$	9.17	$	7.34	$	6.03

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	245		363		498
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	216.29	$	151.65	$	103.80


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

Subsequent to the end of the year and through February 26, 2016, the Company repurchased 0.8 million shares of its common stock, at an average price of $247.61, for a total investment of $201.6 million.