Earnings Per Share

12 Months Ended

Dec. 31, 2016

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share on net income (in thousands, except per share information):



	2016		2015		2014
Earnings:
Net income (numerator for basic and diluted calculations)	$	701,443	$	502,166	$	684,047
Shares:
Weighted average outstanding shares (denominator for basic calculations)	64,274		66,553		69,248
Equivalent shares from outstanding stock options	715		739		714
Diluted shares (denominator for diluted calculations)	64,989		67,292		69,962
Earnings per share:
Basic	$	10.91	$	7.55	$	9.88
Diluted	10.79		7.46		9.78

The calculation of common equivalent shares does not include the impact of options having a strike or conversion price that exceeds the average stock price for the earnings period, as the result would be antidilutive. The calculation of common equivalent shares also excludes the impact of outstanding performance contingent shares, as the conditions necessary for their issuance have not been satisfied as of the end of the reporting period. Approximately 0.3 million outstanding stock options were not included in the calculation of common equivalent shares during 2015. During 2016 and 2014, all outstanding options were included in the calculation of common equivalent shares. Approximately 0.4 million, 0.4 million and 0.5 million performance contingent shares were excluded from the calculation of common equivalent shares during 2016, 2015 and 2014, respectively.