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Earnings Per Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share |
Earnings per share | NOTE 12 – 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, 2020 and 2019 (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
Numerator (basic and diluted): |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 527,252 | ​ | $ | 391,293 | ​ | $ | 1,359,357 | ​ | $ | 1,066,126
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Weighted-average common shares outstanding – basic | ​ |  | 73,916 | ​ |  | 76,172 | ​ |  | 74,377 | ​ |  | 77,415
Effect of stock options (1) | ​ |  | 670 | ​ |  | 797 | ​ |  | 649 | ​ |  | 805
Weighted-average common shares outstanding – assuming dilution | ​ |  | 74,586 | ​ |  | 76,969 | ​ |  | 75,026 | ​ |  | 78,220
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Earnings per share-basic | ​ | $ | 7.13 | ​ | $ | 5.14 | ​ | $ | 18.28 | ​ | $ | 13.77
Earnings per share-assuming dilution | ​ | $ | 7.07 | ​ | $ | 5.08 | ​ | $ | 18.12 | ​ | $ | 13.63
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Antidilutive potential common shares not included in the calculation of diluted earnings per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Stock options (1) | ​ |  | 153 | ​ |  | 207 | ​ |  | 327 | ​ |  | 214
Weighted-average exercise price per share of antidilutive stock options (1) | ​ | $ | 409.07 | ​ | $ | 360.80 | ​ | $ | 384.43 | ​ | $ | 360.36
(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, 2020 and 2019, 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 third quarter and through November 6, 2020, the Company repurchased an additional 1.0 million shares of its common stock under its share repurchase program, at an average price of $454.15, for a total investment of 465.3 million.

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