EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share

Earnings per share

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, 2022 and 2021 (in thousands, except per share data):

	For the Three Months Ended
	March 31,
	2022		2021
Numerator (basic and diluted):
Net income	$	481,880	$	501,609
Denominator:
Weighted-average common shares outstanding – basic		66,572		70,383
Effect of stock options (1)		618		632
Weighted-average common shares outstanding – assuming dilution		67,190		71,015
Earnings per share:
Earnings per share-basic	$	7.24	$	7.13
Earnings per share-assuming dilution	$	7.17	$	7.06
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		115		211
Weighted-average exercise price per share of antidilutive stock options (1)	$	657.14	$	437.90

(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, 2022 and 2021, 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.

See Note 7 for information concerning the Company’s subsequent share repurchases.