NOTE 8 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 (in thousands, except per share data):



	For the Three Months Ended March 31,
	2018		2017
Numerator (basic and diluted):
Net income	$	304,906	$	264,934

Denominator:
Weighted-average common shares outstanding – basic	83,530		92,001
Effect of stock options ⁽¹⁾	993		1,494
Weighted-average common shares outstanding – assuming dilution	84,523		93,495

Earnings per share:
Earnings per share-basic	$	3.65	$	2.88
Earnings per share-assuming dilution	$	3.61	$	2.83

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	761		478
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	259.28	$	266.71


⁽¹⁾	See Note 7 for further information concerning the terms of the Company’s share-based compensation plans.

For the three months ended March 31, 2018 and 2017, 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 7, 2018, the Company repurchased an additional 0.5 million shares of its common stock under its share repurchase program, at an average price of $238.90, for a total investment of $117.5 million.