EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

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 six months ended June 30, 2025 and 2024 (in thousands, except per share data):

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Numerator (basic and diluted):
Net income	$	668,595	$	622,848	$	1,207,080	$	1,170,086
Denominator:
Weighted-average common shares outstanding – basic		854,003		880,182		856,768		882,728
Effect of stock options (1)		4,437		5,473		4,600		6,018
Weighted-average common shares outstanding – assuming dilution		858,440		885,655		861,368		888,746
Earnings per share:
Earnings per share-basic	$	0.78	$	0.71	$	1.41	$	1.33
Earnings per share-assuming dilution	$	0.78	$	0.70	$	1.40	$	1.32
Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options (1)		1,240		1,849		1,513		1,853
Weighted-average exercise price per share of antidilutive stock options (1)	$	82.24	$	64.55	$	78.64	$	63.18

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

For the three and six months ended June 30, 2025 and 2024, 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.