Earnings Per Share

12 Months Ended

Dec. 31, 2018

NOTE 14 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the years ended December 31, 2018, 2017 and 2016 (in thousands, except per share data):



	For the Year Ended December 31,
	2018		2017		2016
Numerator (basic and diluted):
Net income	$	1,324,487	$	1,133,804	$	1,037,691

Denominator:
Weighted-average common shares outstanding – basic	81,406		88,426		95,447
Effect of stock options ⁽¹⁾	874		1,076		1,273
Weighted-average common shares outstanding – assuming dilution	82,280		89,502		96,720

Earnings per share:
Earnings per share-basic	$	16.27	$	12.82	$	10.87
Earnings per share-assuming dilution	$	16.10	$	12.67	$	10.73

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	567		715		332
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	268.55	$	252.16	$	265.77


⁽¹⁾	See Note 10 for further information concerning the terms of the Company’s share-based compensation plans.

Subsequent to the end of the year and through February 27, 2019, the Company repurchased 0.8 million shares of its common stock, at an average price of $342.95, for a total investment of $268.9 million.