Stockholders' Equity (Tables)

12 Months Ended

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 Price¹		Remaining Life²
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 Price¹		Remaining Life²
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 Granted	Option Exercise (Strike) Price		Closing Stock Price on 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