EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Earnings Per Share

Earnings per share

NOTE 13 – EARNINGS PER SHARE

The following table illustrates the computation of basic and diluted earnings per share for the three months ended March 31, 2023 and 2022 (in thousands, except per share data):

	For the Three Months Ended
	March 31,
	2023		2022
Numerator (basic and diluted):
Net income	$	516,885	$	481,880
Denominator:
Weighted-average common shares outstanding – basic		61,840		66,572
Effect of stock options (1)		558		618
Weighted-average common shares outstanding – assuming dilution		62,398		67,190
Earnings per share:
Earnings per share-basic	$	8.36	$	7.24
Earnings per share-assuming dilution	$	8.28	$	7.17
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		149		115
Weighted-average exercise price per share of antidilutive stock options (1)	$	725.14	$	657.14

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

For the three months ended March 31, 2023 and 2022, 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 8 for information concerning the Company’s subsequent share repurchases.