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FORM 10-K
65
NOTE 14 – EARNINGS PER SHARE
The following table reconciles the numerator and denominator used in the basic and diluted earnings per share calculations for the years
ended December 31, 2014, 2013 and 2012 (in thousands, except per share data):
For the Year Ended
December 31,
2014 2013 2012
Numerator (basic and diluted):
Net income $ 778,182 $ 670,292 $ 585,746
Denominator:
Denominator for basic earnings per share - weighted-average shares 104,262 109,244 121,182
Effect of stock options (1) 1,779 1,857 2,132
Denominator for diluted earnings per share - weighted-average shares 106,041 111,101 123,314
Earnings per share:
Earnings per share-basic $ 7.46 $ 6.14 $ 4.83
Earnings per share-assuming dilution $ 7.34 $ 6.03 $ 4.75
Antidilutive potential common shares not included in the calculation of
diluted earnings per share:
Stock options (1) 363 498 1,816
Weighted-average exercise price per share of antidilutive stock options (1) $ 151.65 $ 103.80 $ 87.88
(1) See Note 9 for further discussion on the terms of the Company's share-based compensation plans.
Subsequent to the end of the year and through February 27, 2015, the Company repurchased 0.1 million shares of its common stock, at
an average price of $197.48, for a total investment of $27.8 million.
NOTE 15 – QUARTERLY RESULTS (Unaudited)
The following table sets forth certain quarterly unaudited operating data for the fiscal years ended December 31, 2014 and 2013. The
unaudited quarterly information includes all adjustments, which the Company considers necessary for a fair presentation of the information
shown:
Fiscal 2014
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
(In thousands, except per share data)
Sales $ 1,727,943 $ 1,847,088 $ 1,876,872 $ 1,764,178
Gross profit 877,716 950,877 968,201 912,107
Operating income 287,120 336,474 343,768 303,012
Net income 173,860 205,647 216,997 181,678
Earnings per share – basic (1) $ 1.64 $ 1.94 $ 2.10 $ 1.79
Earnings per share – assuming dilution (1) $ 1.61 $ 1.91 $ 2.06 $ 1.76