Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share

Earnings per share

NOTE 16 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share data):

	For the Year Ended
	December 31,
	2019		2018		2017
Numerator (basic and diluted):
Net income	$	1,391,042	$	1,324,487	$	1,133,804
Denominator:
Weighted-average common shares outstanding – basic		76,985		81,406		88,426
Effect of stock options (1)		803		874		1,076
Weighted-average common shares outstanding – assuming dilution		77,788		82,280		89,502
Earnings per share:
Earnings per share-basic	$	18.07	$	16.27	$	12.82
Earnings per share-assuming dilution	$	17.88	$	16.10	$	12.67
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		229		567		715
Weighted-average exercise price per share of antidilutive stock options (1)	$	368.11	$	268.55	$	252.16

(1) See Note 11 for further information concerning the terms of the Company’s share-based compensation plans.

Subsequent to the end of the year and through February 28, 2020, the Company repurchased 0.9 million shares of its common stock, at an average price of $400.78, for a total investment of $363.4 million.