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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2018

Stockholders' Equity Note [Abstract]

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 on a per share basis:

	2018				2017
First quarter	$	0.37			0.32
Second quarter	0.37				0.32
Third quarter					0.32
Fourth quarter					0.32
Total	$	0.74			1.28

Stock Options Granted

The following tables summarize the details of options granted under our stock option plan that were still outstanding as of March 31, 2018, and the assumptions used to value these grants. All such grants 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				March 31, 2018
Date of Grant												Options Outstanding			Options Exercisable
January 2, 2018	520,601			$	55.00			$	54.54			512,151			—
January 3, 2017	764,789			$	47.00			$	46.95			696,504			—
April 19, 2016	845,440			$	46.00			$	45.74			718,070			—
April 21, 2015	893,220			$	42.00			$	41.26			654,352			137,638
April 22, 2014	955,000			$	56.00			$	50.53			543,500			158,750
April 16, 2013	205,000			$	54.00			$	49.25			99,250			54,000
April 17, 2012	1,235,000			$	54.00			$	49.01			905,187			734,600
April 19, 2011	410,000			$	35.00			$	31.78			57,850			32,850
April 20, 2010	530,000			$	30.00			$	27.13			45,550			20,550
April 21, 2009	790,000			$	27.00			$	17.61			46,558			46,558
Total	7,149,050											4,278,972			1,184,946

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
January 2, 2018	2.2	%		5.00		2.3	%		23.45	%		$	10.03
January 3, 2017	1.9	%		5.00		2.6	%		24.49	%		$	8.40
April 19, 2016	1.3	%		5.00		2.6	%		26.34	%		$	8.18
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

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 per share calculation because they were anti-dilutive:

	Three-month Period
Reconciliation	2018			2017
Basic weighted average shares outstanding	287,642,801			289,242,447
Weighted shares assumed upon exercise of stock options	232,962			213,494
Diluted weighted average shares outstanding	287,875,763			289,455,941

Anti-Dilutive Options Excluded

	Three-month Period
Summary of Anti-dilutive Options Excluded	2018				2017
Options to purchase shares of common stock	1,616,963				3,204,951
Weighted average exercise price of options	$	55.02			50.83

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