NOTE 8 – 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, 2018 and 2017 (in thousands, except per share data):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2018		2017		2018		2017
Numerator (basic and diluted):
Net income	$	353,073	$	282,821	$	657,979	$	547,755

Denominator:
Weighted-average common shares outstanding – basic	81,733		90,030		82,624		91,012
Effect of stock options ⁽¹⁾	803		1,269		806		1,335
Weighted-average common shares outstanding – assuming dilution	82,536		91,299		83,430		92,347

Earnings per share:
Earnings per share-basic	$	4.32	$	3.14	$	7.96	$	6.02
Earnings per share-assuming dilution	$	4.28	$	3.10	$	7.89	$	5.93

Antidilutive potential common shares not included in the calculation of diluted earnings per share:
Stock options ⁽¹⁾	693		581		714		524
Weighted-average exercise price per share of antidilutive stock options ⁽¹⁾	$	261.11	$	262.25	$	260.39	$	265.02


⁽¹⁾	See Note 7 for further information concerning the terms of the Company’s share-based compensation plans.

For the three and six months ended June 30, 2018 and 2017, 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.

Subsequent to the end of the second quarter and through August 8, 2018, the Company repurchased an additional 0.5 million shares of its common stock under its share repurchase program, at an average price of $284.52, for a total investment of $149.4 million.