EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

NOTE 11 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2021 and 2020 (in thousands, except per share data):


	For the Three Months Ended
	March 31,
	2021		2020
Numerator (basic and diluted):
Net income	$	501,609	$	300,438

Denominator:
Weighted-average common shares outstanding – basic		70,383		75,022
Effect of stock options ⁽¹⁾		632		641
Weighted-average common shares outstanding – assuming dilution		71,015		75,663

Earnings per share:
Earnings per share-basic	$	7.13	$	4.00
Earnings per share-assuming dilution	$	7.06	$	3.97

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾		211		349
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	437.90	$	377.41

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

For the three months ended March 31, 2021 and 2020, 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, 2021, the Company repurchased less than 0.1 million additional shares of its common stock under its share repurchase program, at an average price of $556.69, for a total investment of 8.0 million.