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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2015
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 4. Stockholders’ Equity Our authorized, issued, and outstanding shares (stated in whole numbers) at year end consisted of the following:
| Par Value |  | 2015 |  | 2014
Preferred stock | $0.01/share |  |  |  |
Shares authorized |  |  | 5,000,000 |  |  | 5,000,000 |
Shares issued and outstanding |  |  | — |  |  | — |
Common stock | $0.01/share |  |  |  |
Shares authorized |  |  | 400,000,000 |  |  | 400,000,000 |
Shares issued and outstanding |  |  | 289,581,682 |  |  | 295,867,844 |
Dividends On January 14, 2016, our board of directors declared a quarterly dividend of $0.30 per share of common stock to be paid in cash on February 26, 2016 to shareholders of record at the close of business on January 29, 2016. We paid aggregate annual dividends per share of $1.12, $1.00, and $0.80 in 2015, 2014, and 2013, respectively. Stock Purchases Subsequent to December 31, 2015, we have purchased 1,600,000 shares of our common stock at an average price of approximately $37.15 per share. 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 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, 2015
Date of Grant | Options Outstanding |  | Options Exercisable
April 21, 2015 | 893,220 |  |  | $ | 42.00 |  |  | $ | 41.26 |  |  | 817,990 |  |  | — |
April 22, 2014 | 955,000 |  |  | $ | 56.00 |  |  | $ | 50.53 |  |  | 797,500 |  |  | 5,000 |
April 16, 2013 | 205,000 |  |  | $ | 54.00 |  |  | $ | 49.25 |  |  | 125,000 |  |  | 2,500 |
April 17, 2012 | 1,235,000 |  |  | $ | 54.00 |  |  | $ | 49.01 |  |  | 1,039,500 |  |  | 341,250 |
April 19, 2011 | 410,000 |  |  | $ | 35.00 |  |  | $ | 31.78 |  |  | 250,300 |  |  | 150,300 |
April 20, 2010 | 530,000 |  |  | $ | 30.00 |  |  | $ | 27.13 |  |  | 210,350 |  |  | 120,350 |
April 21, 2009 | 790,000 |  |  | $ | 27.00 |  |  | $ | 17.61 |  |  | 293,100 |  |  | 200,600 |
April 15, 2008 | 550,000 |  |  | $ | 27.00 |  |  | $ | 24.35 |  |  | 147,750 |  |  | 122,750 |
April 17, 2007 | 4,380,000 |  |  | $ | 22.50 |  |  | $ | 20.15 |  |  | 849,492 |  |  | 849,492 |
Total | 9,948,220 |  |  |  |  |  |  | 4,530,982 |  |  | 1,792,242 |
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 21, 2015 | 1.3 | % |  | 5.00 |  | 2.7 | % |  | 26.84 | % |  | $ | 7.35 |
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. Generally, each option will terminate approximately nine years after the grant date. 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 risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. 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. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatilities are based on the movement of our stock over the most recent historical period equivalent to the expected life of the option. 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, 2015 | 4,712,330 |  |  | $ | 38.52 |  |  | 4.59
Granted | 893,220 |  |  | $ | 42.00 |  |  | 8.41
Exercised | (813,838 | ) |  | $ | 23.47 |  |  |
Cancelled/forfeited | (260,730 | ) |  | $ | 45.84 |  |  |
Outstanding as of December 31, 2015 | 4,530,982 |  |  | $ | 41.49 |  |  | 4.89
Exercisable as of December 31, 2015 | 1,792,242 |  |  | $ | 31.00 |  |  | 2.15
| 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
(1) Weighted average exercise price. (2) Weighted average remaining contractual life in years. The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014, and 2013 was $14,174, $7,466, and $9,925, respectively. The intrinsic value represents the difference between the exercise price and fair value of the underlying shares at the date of exercise. At December 31, 2015, there was $15,073 of total unrecognized stock-based compensation expense related to outstanding unvested stock options granted under the plan. This expense is expected to be recognized over a weighted average period of 4.60 years. Any future change in estimated forfeitures will impact this amount. The total grant date fair value of stock options vesting under our stock option plan during 2015, 2014, and 2013 was $5,143, $7,287, and $3,508, respectively. Total stock-based compensation expense related to our stock option plan was $5,841, $7,039, and $5,400 for 2015, 2014, and 2013, respectively. 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:
Reconciliation | 2015 |  | 2014 |  | 2013
Basic weighted average shares outstanding | 291,453,107 |  |  | 296,490,378 |  |  | 296,754,160 |
Weighted shares assumed upon exercise of stock options | 592,335 |  |  | 822,866 |  |  | 929,428 |
Diluted weighted average shares outstanding | 292,045,442 |  |  | 297,313,244 |  |  | 297,683,588 |
Summary of Anti-dilutive Options Excluded | 2015 |  | 2014 |  | 2013
Options to purchase shares of common stock | 2,611,367 |  |  | 1,903,767 |  |  | 1,273,527 |
Weighted average exercise prices of options | $ | 51.89 |  |  | 54.67 |  |  | 54.00 |
Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive options 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 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 Reference 10: 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 11: 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 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 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C + Details
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