Earnings Per Share

3 Months Ended

Mar. 31, 2017

NOTE 7 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2017 and 2016 (in thousands, except per share data):



	For the Three Months Ended March 31,
	2017		2016
Numerator (basic and diluted):
Net income	$	264,934	$	255,374

Denominator:
Weighted-average common shares outstanding – basic	92,001		97,140
Effect of stock options ⁽¹⁾	1,494		1,397
Weighted-average common shares outstanding – assuming dilution	93,495		98,537

Earnings per share:
Earnings per share-basic	$	2.88	$	2.63
Earnings per share-assuming dilution	$	2.83	$	2.59

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	478		268
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	266.71	$	256.19


⁽¹⁾	See Note 6 for further information concerning the terms of the Company’s share-based compensation plans.

For the three months ended March 31, 2017 and 2016, 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 first quarter and through May 8, 2017, the Company repurchased an additional 0.6 million shares of its common stock, at an average price of $254.61, for a total investment of $152.2 million.