EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share

Earnings per share

NOTE 14 – 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, 2024 and 2023 (in thousands, except per share data):

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Numerator (basic and diluted):
Net income	$	665,464	$	649,827	$	1,835,550	$	1,794,077
Denominator:
Weighted-average common shares outstanding – basic		57,998		60,082		58,563		60,905
Effect of stock options (1)		337		508		379		540
Weighted-average common shares outstanding – assuming dilution		58,335		60,590		58,942		61,445
Earnings per share:
Earnings per share-basic	$	11.47	$	10.82	$	31.34	$	29.46
Earnings per share-assuming dilution	$	11.41	$	10.72	$	31.14	$	29.20
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		92		83		115		98
Weighted-average exercise price per share of antidilutive stock options (1)	$	1,026.97	$	853.21	$	977.48	$	824.23

(1) See Note 12 for further information concerning the terms of the Company’s share-based compensation plans.

For the three and nine months ended September 30, 2024 and 2023, 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 9 for information concerning the Company’s subsequent share repurchases.