Option Grant and Exercise Terms
Table of Contents
3.Earnings per Share
Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per
share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential common shares outstanding during
the period. Potential common shares consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share
is as follows:
Year ended December 31,
2021
2020
2019
(in thousands, except per share data)
Basic earnings per share:
Net income
$
5,116,228 $
2,761,395
$
1,866,916
Shares used in computation:
Weighted-average common shares outstanding
443,155
Basic earnings per share
$
11.55 $
440,922
6.26
$
437,799
4.26
Diluted earnings per share:
Net income
Shares used in computation:
Weighted-average common shares outstanding
Employee stock options
Weighted-average number of shares
$
5,116,228 $
2,761,395 $
1,866,916
443,155
440,922
437,799
12,217
13,286
13,966
455,372
454,208
451,765
$
11.24
$
6.08 $
4.13
Diluted earnings per share
Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as
their inclusion would have been anti-dilutive. The following table summarizes the potential common shares excluded from the diluted calculation:
Employee stock options
4.Cash, Cash Equivalents and Restricted Cash
Cash
2021
Year ended December 31,
2020
(in thousands)
348
484
The following tables summarize the Company's cash, cash equivalents and restricted cash as of December 31, 2021 and 2020:
Level 1 securities:
Money market funds
48
2019
1,588
Cash and cash
equivalents
As of December 31, 2021
Other Current
Assets
Non-current
Assets
Total
$
4,103,613
$
(in thousands)
3,189
$
23,972 $
4,130,774
1,924,191
146
1,924,337
$
6,027,804
$
3,189
$
24,118 $
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