NOTE 7 – EARNINGS PER SHARE

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



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
Numerator (basic and diluted):
Net income	$	283,734	$	278,493	$	831,489	$	791,661

Denominator:
Weighted-average common shares outstanding – basic	86,947		94,891		89,641		95,994
Effect of stock options ⁽¹⁾	1,078		1,229		1,228		1,315
Weighted-average common shares outstanding – assuming dilution	88,025		96,120		90,869		97,309

Earnings per share:
Earnings per share-basic	$	3.26	$	2.93	$	9.28	$	8.25
Earnings per share-assuming dilution	$	3.22	$	2.90	$	9.15	$	8.14

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	784		271		620		319
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	246.65	$	267.66	$	258.75	$	264.88


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

For the three and nine months ended September 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 third quarter and through November 7, 2017, the Company repurchased an additional 0.4 million shares of its common stock under its share repurchase program, at an average price of $209.61, for a total investment of $85.2 million.