FORTUNE -- As fourth quarter earnings come pouring in, Wall Street is assembling the full profit picture for 2011 ---- and it's truly spectacular. According to S&P Capital IQ, the firm that assembles profit data for the benchmark index, earnings will hit $92.17 a share, a 19% increase over the excellent numbers posted in 2010, and well above the all-time record set in 2006. Despite some negative surprises this month -- including disappointing news from Alcoa, Cisco and Exxon -- momentum and optimism keep building.