EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2021

NOTE 12 – EARNINGS PER SHARE

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Numerator (basic and diluted):
Net income	$	558,652	$	527,252	$	1,645,712	$	1,359,357

Denominator:
Weighted-average common shares outstanding – basic		68,608		73,916		69,529		74,377
Effect of stock options ⁽¹⁾		632		670		645		649
Weighted-average common shares outstanding – assuming dilution		69,240		74,586		70,174		75,026

Earnings per share:
Earnings per share-basic	$	8.14	$	7.13	$	23.67	$	18.28
Earnings per share-assuming dilution	$	8.07	$	7.07	$	23.45	$	18.12

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾		133		153		48		327
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	467.03	$	409.07	$	502.49	$	384.43

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

For the three and nine months ended September 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 third quarter and through November 8, 2021, the Company repurchased 0.4 million additional shares of its common stock under its share repurchase program, at an average price of $618.44, for a total investment of 246.9 million.