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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2019

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:

	2019				2018
First quarter	$	0.43			0.37
Second quarter	0.43				0.37
Third quarter					0.40
Fourth quarter					0.40
Total	$	0.86			1.54

Stock Options Granted

The following tables summarize the details of options granted under our stock option plans that were still outstanding as of March 31, 2019, 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, 2019
Date of Grant												Options Outstanding			Options Exercisable
January 2, 2019	658,462			$	52.00			$	51.41			657,118			14,505
January 2, 2018	543,968			$	55.00			$	54.54			519,349			21,185
January 3, 2017	764,789			$	47.00			$	46.95			646,854			206,755
April 19, 2016	845,440			$	46.00			$	45.74			668,947			185,055
April 21, 2015	893,220			$	42.00			$	41.26			575,476			142,607
April 22, 2014	955,000			$	56.00			$	50.53			445,900			266,900
April 16, 2013	205,000			$	54.00			$	49.25			74,435			42,567
April 17, 2012	1,235,000			$	54.00			$	49.01			643,713			534,963
April 19, 2011	410,000			$	35.00			$	31.78			38,650			26,150
Total	6,510,879											4,270,442			1,440,687

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, 2019	2.5	%		5.00		2.9	%		23.96	%		$	8.79
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

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	2019			2018
Basic weighted average shares outstanding	286,086,301			287,642,801
Weighted shares assumed upon exercise of stock options	410,680			232,962
Diluted weighted average shares outstanding	286,496,981			287,875,763

Anti-Dilutive Options Excluded

	Three-month Period
Summary of Anti-dilutive Options Excluded	2019				2018
Options to purchase shares of common stock	1,454,355				1,616,963
Weighted average exercise prices of options	$	53.87			55.02

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