EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

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


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Numerator (basic and diluted):
Net income	$	585,438	$	558,652	$	1,644,078	$	1,645,712

Denominator:
Weighted-average common shares outstanding – basic		63,288		68,608		64,979		69,529
Effect of stock options ⁽¹⁾		572		632		587		645
Weighted-average common shares outstanding – assuming dilution		63,860		69,240		65,566		70,174

Earnings per share:
Earnings per share-basic	$	9.25	$	8.14	$	25.30	$	23.67
Earnings per share-assuming dilution	$	9.17	$	8.07	$	25.08	$	23.45

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾		139		133		145		48
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	660.74	$	467.03	$	658.74	$	502.49

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

For the three and nine months ended September 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.