NOTE 7 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2017 and 2016 (in thousands, except per share data):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2017		2016		2017		2016
Numerator (basic and diluted):
Net income	$	282,821	$	257,794	$	547,755	$	513,168

Denominator:
Weighted-average common shares outstanding – basic	90,030		95,967		91,012		96,554
Effect of stock options ⁽¹⁾	1,269		1,315		1,335		1,357
Weighted-average common shares outstanding – assuming dilution	91,299		97,282		92,347		97,911

Earnings per share:
Earnings per share-basic	$	3.14	$	2.69	$	6.02	$	5.31
Earnings per share-assuming dilution	$	3.10	$	2.65	$	5.93	$	5.24

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	581		285		524		312
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	262.25	$	262.49	$	265.02	$	259.46


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

For the three and six months ended June 30, 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 second quarter and through August 7, 2017, the Company repurchased an additional 0.2 million shares of its common stock under its share repurchase program, at an average price of $207.21, for a total investment of $35.0 million.