Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):
202520242023
Net earnings available to common shareholders$521,839 $486,084 $506,511 
Weighted average shares outstanding for basic earnings per share166,381 168,884 168,442 
Dilutive effect of stock options computed based on the treasury stock method using the average market price2,838 3,521 3,757 
Weighted average shares outstanding for diluted earnings per share169,219 172,405 172,199 
Basic earnings per share$3.14 $2.88 $3.01 
Diluted earnings per share$3.08 $2.82 $2.94 

Anti-dilutive stock options excluded from computations of diluted earnings per share totaled 2.3 million shares in 2025, 0.9 million shares in 2024 and 2.0 million shares in 2023.
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Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 18, 2025
2023Feb 20, 2024
2022Feb 21, 2023
2016Feb 21, 2017
2015Feb 16, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.