EARNINGS PER SHARE

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022 (in thousands, except per share data):

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Numerator (basic and diluted):
Net income	$	649,827	$	585,438	$	1,794,077	$	1,644,078
Denominator:
Weighted-average common shares outstanding – basic		60,082		63,288		60,905		64,979
Effect of stock options (1)		508		572		540		587
Weighted-average common shares outstanding – assuming dilution		60,590		63,860		61,445		65,566
Earnings per share:
Earnings per share-basic	$	10.82	$	9.25	$	29.46	$	25.30
Earnings per share-assuming dilution	$	10.72	$	9.17	$	29.20	$	25.08
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		83		139		98		145
Weighted-average exercise price per share of antidilutive stock options (1)	$	853.21	$	660.74	$	824.23	$	658.74

(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, 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.