NOTE 8 – 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, 2018 and 2017 (in thousands, except per share data):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2018		2017		2018		2017
Numerator (basic and diluted):
Net income	$	366,151	$	283,734	$	1,024,130	$	831,489

Denominator:
Weighted-average common shares outstanding – basic	80,593		86,947		81,939		89,641
Effect of stock options ⁽¹⁾	817		1,078		902		1,228
Weighted-average common shares outstanding – assuming dilution	81,410		88,025		82,841		90,869

Earnings per share:
Earnings per share-basic	$	4.54	$	3.26	$	12.50	$	9.28
Earnings per share-assuming dilution	$	4.50	$	3.22	$	12.36	$	9.15

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	650		784		232		620
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	264.65	$	246.65	$	268.22	$	258.75


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

For the three and nine months ended September 30, 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 third quarter and through November 7, 2018, the Company repurchased an additional 0.4 million shares of its common stock under its share repurchase program, at an average price of $333.80, for a total investment of $143.7 million.