EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

NOTE 11 – 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, 2022 and 2021 (in thousands, except per share data):


	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Numerator (basic and diluted):
Net income	$	576,760	$	585,451	$	1,058,640	$	1,087,060

Denominator:
Weighted-average common shares outstanding – basic		65,116		69,618		65,840		69,997
Effect of stock options ⁽¹⁾		570		646		594		643
Weighted-average common shares outstanding – assuming dilution		65,686		70,264		66,434		70,640

Earnings per share:
Earnings per share-basic	$	8.86	$	8.41	$	16.08	$	15.53
Earnings per share-assuming dilution	$	8.78	$	8.33	$	15.94	$	15.39

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾		135		122		133		187
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	656.05	$	463.76	$	656.62	$	449.20

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

For the three and six months ended June 30, 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.