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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2014
Stockholders' Equity Note [Abstract] |
Authorized, Issued, and Outstanding Shares | Our authorized, issued, and outstanding shares (stated in whole numbers) consist of the following:
| Par Value |  | September 30, 2014 |  | December 31, 2013 |  | September 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 |  |  | 296,440,794 |  |  | 296,753,544 |  |  | 296,742,069 |
Schedule of Dividends Paid Previously or Declared | 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 |  |  | 0.25 |
Total | $ | 1.00 |  |  | 0.80 |
Stock Options Granted | 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 |  | September 30, 2014
Date of Grant |  |  |  | Options Outstanding |  | Options Exercisable
April 22, 2014 | 942,500 |  |  | $ | 56.00 |  |  | $ | 50.53 |  |  | 900,000 |  |  | — |
April 16, 2013 | 205,000 |  |  | $ | 54.00 |  |  | $ | 49.25 |  |  | 160,000 |  |  | — |
April 17, 2012 | 1,235,000 |  |  | $ | 54.00 |  |  | $ | 49.01 |  |  | 1,105,000 |  |  | — |
April 19, 2011 | 410,000 |  |  | $ | 35.00 |  |  | $ | 31.78 |  |  | 320,000 |  |  | 25,000 |
April 20, 2010 | 530,000 |  |  | $ | 30.00 |  |  | $ | 27.13 |  |  | 254,000 |  |  | 104,000 |
April 21, 2009 | 790,000 |  |  | $ | 27.00 |  |  | $ | 17.61 |  |  | 378,850 |  |  | 202,600 |
April 15, 2008 | 550,000 |  |  | $ | 27.00 |  |  | $ | 24.35 |  |  | 178,000 |  |  | 123,000 |
April 17, 2007 | 4,380,000 |  |  | $ | 22.50 |  |  | $ | 20.15 |  |  | 1,581,030 |  |  | 1,266,030 |
Total | 9,042,500 |  |  |  |  |  |  | 4,876,880 |  |  | 1,720,630 |
Fair Value Assumptions for Options Granted |
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 |
Reconciliation of Denominators used in Computation of Basic and Diluted 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:
| Nine-month Period |  | Three-month Period
Reconciliation | 2014 |  | 2013 |  | 2014 |  | 2013
Basic weighted average shares outstanding | 296,642,783 |  |  | 296,755,815 |  |  | 296,595,100 |  |  | 296,842,771 |
Weighted shares assumed upon exercise of stock options | 842,300 |  |  | 945,509 |  |  | 782,494 |  |  | 873,604 |
Diluted weighted average shares outstanding | 297,485,083 |  |  | 297,701,324 |  |  | 297,377,594 |  |  | 297,716,375 |
Anti-Dilutive Options Excluded |
| Nine-month Period |  | Three-month Period
Summary of Anti-dilutive Options Excluded | 2014 |  | 2013 |  | 2014 |  | 2013
Options to purchase shares of common stock | 1,823,031 |  |  | 1,263,599 |  |  | 2,169,565 |  |  | 1,313,261 |
Weighted average exercise prices of options | $ | 54.60 |  |  | $ | 54.00 |  |  | $ | 54.83 |  |  | $ | 54.00 |

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