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Earnings Per Share | 9 Months Ended
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Sep. 30, 2018
Earnings Per Share [Abstract] |
Earnings Per Share | 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):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Earnings: |  |  |  |  |  |  |  |
Net income (numerator for basic and diluted calculations) |  | $ | 301,199 |  |  | $ | 227,591 |  |  | $ | 605,803 |  |  | $ | 605,293 |
Shares: |  |  |  |  |  |  |  |
Weighted average outstanding shares (denominator for basic calculation) |  | 63,279 |  |  | 64,488 |  |  | 63,941 |  |  | 64,430 |
Equivalent shares from outstanding stock options |  | 1,017 |  |  | 1,165 |  |  | 1,189 |  |  | 1,174 |
Denominator for diluted calculation |  | 64,296 |  |  | 65,653 |  |  | 65,130 |  |  | 65,604 |
Earnings per share: |  |  |  |  |  |  |  |
Basic |  | $ | 4.76 |  |  | $ | 3.53 |  |  | $ | 9.47 |  |  | $ | 9.39 |
Diluted |  | $ | 4.68 |  |  | $ | 3.47 |  |  | $ | 9.30 |  |  | $ | 9.23 |
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. The following table presents approximate amounts of stock options and performance contingent shares excluded from the calculation of common equivalent shares (in thousands):
|  | Three months ended September 30, |  | Nine months ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Excluded from common equivalent shares: |  |  |  |  |  |  |  |
Stock options |  | 227 |  |  | 87 |  |  | 349 |  |  | 296 |
Performance contingent shares |  | 276 |  |  | 307 |  |  | 256 |  |  | 293 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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