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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2014
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | (3) Stockholders’ Equity Our authorized, issued, and outstanding shares (stated in whole numbers) consist of the following:
| Par Value |  | June 30, 2014 |  | December 31, 2013 |  | June 30, 2013
Preferred stock | $.01 | /share |  |  |  |  |  |
Shares authorized |  |  | 5,000,000 |  |  | 5,000,000 |  |  | 5,000,000 |
Shares issued and outstanding |  |  | — |  |  | — |  |  | — |
Common stock | $.01 | /share |  |  |  |  |  |
Shares authorized |  |  | 400,000,000 |  |  | 400,000,000 |  |  | 400,000,000 |
Shares issued and outstanding |  |  | 296,764,444 |  |  | 296,753,544 |  |  | 296,860,119 |
Dividends On July 10, 2014, our board of directors declared a dividend of $0.25 per share of common stock. This dividend is to be paid in cash on August 22, 2014 to shareholders of record at the close of business on July 25, 2014. Since 2011 we have paid quarterly dividends. Our board of directors expects to continue paying quarterly dividends, provided the future determination as to payment of dividends will depend on the financial needs of the Company and such other factors as deemed relevant by the board of directors. The following table presents the dividends either paid previously or declared by our board of directors for future payment:
| 2014 |  | 2013
First quarter | $ | 0.25 |  |  | 0.10 |
Second quarter | 0.25 |  |  | 0.20 |
Third quarter | 0.25 |  |  | 0.25 |
Fourth quarter |  |  |  | 0.25 |
Total | $ | 0.75 |  |  | 0.80 |
Stock Options The following tables summarize the details of grants made under our stock option plan that are still outstanding, and the assumptions used to value these options. All options granted were effective at the close of business on the date of grant.
| Options Granted |  | Option Exercise (Strike) Price |  | Closing Stock Price on Date of Grant |  | June 30, 2014
Date of Grant |  |  |  | Options Outstanding |  | Options Exercisable
April 22, 2014 | 942,500 |  |  | $ | 56.00 |  |  | $ | 50.53 |  |  | 912,500 |  |  | — |
April 16, 2013 | 205,000 |  |  | $ | 54.00 |  |  | $ | 49.25 |  |  | 162,500 |  |  | — |
April 17, 2012 | 1,235,000 |  |  | $ | 54.00 |  |  | $ | 49.01 |  |  | 1,105,000 |  |  | — |
April 19, 2011 | 410,000 |  |  | $ | 35.00 |  |  | $ | 31.78 |  |  | 330,000 |  |  | 25,000 |
April 20, 2010 | 530,000 |  |  | $ | 30.00 |  |  | $ | 27.13 |  |  | 271,050 |  |  | 136,050 |
April 21, 2009 | 790,000 |  |  | $ | 27.00 |  |  | $ | 17.61 |  |  | 388,700 |  |  | 208,700 |
April 15, 2008 | 550,000 |  |  | $ | 27.00 |  |  | $ | 24.35 |  |  | 185,000 |  |  | 127,500 |
April 17, 2007 | 4,380,000 |  |  | $ | 22.50 |  |  | $ | 20.15 |  |  | 1,629,730 |  |  | 1,314,730 |
Total | 9,042,500 |  |  |  |  |  |  | 4,984,480 |  |  | 1,811,980 |
Date of Grant | Risk-free Interest Rate |  | Expected Life of Option in Years |  | Expected Dividend Yield |  | Expected Stock Volatility |  | Estimated Fair Value of Stock Option
April 22, 2014 | 1.8 | % |  | 5.00 |  | 2.0 | % |  | 28.55 | % |  | $ | 9.57 |
April 16, 2013 | 0.7 | % |  | 5.00 |  | 1.6 | % |  | 37.42 | % |  | $ | 12.66 |
April 17, 2012 | 0.9 | % |  | 5.00 |  | 1.4 | % |  | 39.25 | % |  | $ | 13.69 |
April 19, 2011 | 2.1 | % |  | 5.00 |  | 1.6 | % |  | 39.33 | % |  | $ | 11.20 |
April 20, 2010 | 2.6 | % |  | 5.00 |  | 1.5 | % |  | 39.10 | % |  | $ | 8.14 |
April 21, 2009 | 1.9 | % |  | 5.00 |  | 1.0 | % |  | 38.80 | % |  | $ | 3.64 |
April 15, 2008 | 2.7 | % |  | 5.00 |  | 1.0 | % |  | 30.93 | % |  | $ | 7.75 |
April 17, 2007 | 4.6 | % |  | 4.85 |  | 1.0 | % |  | 31.59 | % |  | $ | 5.63 |
All of the options in the tables above vest and become exercisable over a period of up to eight years. Each option will terminate in approximately nine years. The fair value of each share-based option is estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The expected life is the average length of time over which we expect the employee groups will exercise their options, which is based on historical experience with similar grants. Expected volatilities are based on the movement of our stock over the most recent historical period equivalent to the expected life of the option. The risk-free interest rate is based on the U.S. Treasury rate over the expected life at the time of grant. The dividend yield is estimated over the expected life based on our current dividend payout, historical dividends paid, and expected future cash dividends. Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the six month periods ended June 30, 2014 and 2013 was $3,000 and $2,700, respectively. Unrecognized compensation expense related to outstanding unvested stock options as of June 30, 2014 was $20,024 and is expected to be recognized over a weighted average period of 4.76 years. Any future changes in estimated forfeitures will impact this amount. Earnings Per Share The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings calculation because they were anti-dilutive:
| Six-month Period |  | Three-month Period
Reconciliation | 2014 |  | 2013 |  | 2014 |  | 2013
Basic weighted average shares outstanding | 296,666,992 |  |  | 296,711,326 |  |  | 296,691,232 |  |  | 296,778,588 |
Weighted shares assumed upon exercise of stock options | 867,481 |  |  | 978,224 |  |  | 887,187 |  |  | 943,682 |
Diluted weighted average shares outstanding | 297,534,473 |  |  | 297,689,550 |  |  | 297,578,419 |  |  | 297,722,270 |
| Six-month Period |  | Three-month Period
Summary of Anti-dilutive Options Excluded | 2014 |  | 2013 |  | 2014 |  | 2013
Options to purchase shares of common stock | 1,646,892 |  |  | 1,238,356 |  |  | 1,997,363 |  |  | 1,307,857 |
Weighted average exercise prices of options | $ | 54.44 |  |  | $ | 54.00 |  |  | $ | 54.72 |  |  | $ | 54.00 |
Any dilutive impact summarized above relates to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive option securities then outstanding.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB TOPIC 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Article 4 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 29, 30, 31 -Article 5 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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