EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

NOTE 12 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 (in thousands, except per share data):


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Numerator (basic and diluted):
Net income	$	585,451	$	531,667	$	1,087,060	$	832,105

Denominator:
Weighted-average common shares outstanding – basic		69,618		74,205		69,997		74,611
Effect of stock options ⁽¹⁾		646		628		643		635
Weighted-average common shares outstanding – assuming dilution		70,264		74,833		70,640		75,246

Earnings per share:
Earnings per share-basic	$	8.41	$	7.16	$	15.53	$	11.15
Earnings per share-assuming dilution	$	8.33	$	7.10	$	15.39	$	11.06

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾		122		341		187		348
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	463.76	$	378.84	$	449.20	$	378.29

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

For the three and six months ended June 30, 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 second quarter and through August 6, 2021, the Company repurchased 0.3 million additional shares of its common stock under its share repurchase program, at an average price of $596.11, for a total investment of 169.0 million.