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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2014
Stockholders' Equity Note [Abstract] |
Authorized, Issued and Outstanding Shares | Our authorized, issued, and outstanding shares (stated in whole numbers) at year end consist of the following:
| Par Value |  | 2014 |  | 2013
Preferred stock | .01/share |  |  |  |
Shares authorized |  |  | 5,000,000 |  |  | 5,000,000 |
Shares issued and outstanding |  |  | — |  |  | — |
Common stock | .01/share |  |  |  |
Shares authorized |  |  | 400,000,000 |  |  | 400,000,000 |
Shares issued and outstanding |  |  | 295,867,844 |  |  | 296,753,544 |
Stock Option Plan Activity and Stock Options Granted | A summary of the activity under our stock option plan is as follows:
| Options Outstanding |  | Exercise Price 1 |  | Remaining Life 2
Outstanding as of January 1, 2014 | 4,356,630 |  |  | $ | 34.06 |  |  | 4.66
Granted | 955,000 |  |  | $ | 56.00 |  |  | 8.41
Exercised | (314,300 | ) |  | $ | 24.49 |  |  |
Cancelled/forfeited | (285,000 | ) |  | $ | 44.39 |  |  |
Outstanding as of December 31, 2014 | 4,712,330 |  |  | $ | 38.52 |  |  | 4.59
Exercisable as of December 31, 2014 | 1,972,330 |  |  | $ | 27.89 |  |  | 2.51
| Options Outstanding |  | Exercise Price 1 |  | Remaining Life 2
Outstanding as of January 1, 2013 | 4,835,792 |  |  | $ | 32.51 |  |  | 5.40
Granted | 205,000 |  |  | $ | 54.00 |  |  | 8.41
Exercised | (389,162 | ) |  | $ | 23.91 |  |  |
Cancelled/forfeited | (295,000 | ) |  | $ | 35.89 |  |  |
Outstanding as of December 31, 2013 | 4,356,630 |  |  | $ | 34.06 |  |  | 4.66
Exercisable as of December 31, 2013 | 1,442,380 |  |  | $ | 23.61 |  |  | 2.74
1 | Weighted average exercise price
2 | Weighted average remaining contractual life in years
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 grants. 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 |  | December 31, 2014
Date of Grant | Options Outstanding |  | Options Exercisable
April 22, 2014 | 955,000 |  |  | $ | 56.00 |  |  | $ | 50.53 |  |  | 852,500 |  |  | — |
April 16, 2013 | 205,000 |  |  | $ | 54.00 |  |  | $ | 49.25 |  |  | 155,000 |  |  | — |
April 17, 2012 | 1,235,000 |  |  | $ | 54.00 |  |  | $ | 49.01 |  |  | 1,077,500 |  |  | 243,750 |
April 19, 2011 | 410,000 |  |  | $ | 35.00 |  |  | $ | 31.78 |  |  | 320,000 |  |  | 60,000 |
April 20, 2010 | 530,000 |  |  | $ | 30.00 |  |  | $ | 27.13 |  |  | 237,300 |  |  | 102,300 |
April 21, 2009 | 790,000 |  |  | $ | 27.00 |  |  | $ | 17.61 |  |  | 345,600 |  |  | 199,350 |
April 15, 2008 | 550,000 |  |  | $ | 27.00 |  |  | $ | 24.35 |  |  | 172,500 |  |  | 117,500 |
April 17, 2007 | 4,380,000 |  |  | $ | 22.50 |  |  | $ | 20.15 |  |  | 1,551,930 |  |  | 1,249,430 |
Total | 9,055,000 |  |  |  |  |  |  | 4,712,330 |  |  | 1,972,330 |
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 |
Reconciliation | 2014 |  | 2013 |  | 2012
Basic weighted average shares outstanding | 296,490,378 |  |  | 296,754,160 |  |  | 296,089,348 |
Weighted shares assumed upon exercise of stock options | 822,866 |  |  | 929,428 |  |  | 1,061,602 |
Diluted weighted average shares outstanding | 297,313,244 |  |  | 297,683,588 |  |  | 297,150,950 |
Anti-Dilutive Options Excluded |
Summary of Anti-dilutive Options Excluded | 2014 |  | 2013 |  | 2012
Options to purchase shares of common stock | 1,903,767 |  |  | 1,273,527 |  |  | 847,254 |
Weighted average exercise prices of options | $ | 54.67 |  |  | 54.00 |  |  | 54.00 |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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