Earnings Per Share

12 Months Ended

Dec. 31, 2016

NOTE 13 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the years ended December 31, 2016, 2015 and 2014 (in thousands, except per share data):



	For the Year Ended December 31,
	2016		2015		2014
Numerator (basic and diluted):
Net income	$	1,037,691	$	931,216	$	778,182

Denominator:
Weighted-average common shares outstanding – basic	95,447		99,965		104,262
Effect of stock options ⁽¹⁾	1,273		1,549		1,779
Weighted-average common shares outstanding – assuming dilution	96,720		101,514		106,041

Earnings per share:
Earnings per share-basic	$	10.87	$	9.32	$	7.46
Earnings per share-assuming dilution	$	10.73	$	9.17	$	7.34

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	332		245		363
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	265.77	$	216.29	$	151.65


⁽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 28, 2017, the Company repurchased 1.4 million shares of its common stock, at an average price of $267.32, for a total investment of $387.5 million.