Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share

Earnings per share

NOTE 17 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per share data):

	For the Year Ended
	December 31,
	2020		2019		2018
Numerator (basic and diluted):
Net income	$	1,752,302	$	1,391,042	$	1,324,487
Denominator:
Weighted-average common shares outstanding – basic		73,817		76,985		81,406
Effect of stock options (1)		645		803		874
Weighted-average common shares outstanding – assuming dilution		74,462		77,788		82,280
Earnings per share:
Earnings per share-basic	$	23.74	$	18.07	$	16.27
Earnings per share-assuming dilution	$	23.53	$	17.88	$	16.10
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		291		229		567
Weighted-average exercise price per share of antidilutive stock options (1)	$	393.42	$	368.11	$	268.55

(1) See Note 13 for further information concerning the terms of the Company’s share-based compensation plans.

Subsequent to the end of the year and through February 26, 2021, the Company repurchased 1.1 million shares of its common stock, at an average price of $447.49, for a total investment of $478.4 million.