XML 28 R26.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

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	%	$	4.40
January 2, 2018	2.2	%	5.00	2.3	%	23.45	%	$	5.02
January 3, 2017	1.9	%	5.00	2.6	%	24.49	%	$	4.20
April 19, 2016	1.3	%	5.00	2.6	%	26.34	%	$	4.09
April 21, 2015	1.3	%	5.00	2.7	%	26.84	%	$	3.68
April 22, 2014	1.8	%	5.00	2.0	%	28.55	%	$	4.79
April 16, 2013	0.7	%	5.00	1.6	%	37.42	%	$	6.33
April 17, 2012	0.9	%	5.00	1.4	%	39.25	%	$	6.85
April 19, 2011	2.1	%	5.00	1.6	%	39.33	%	$	5.60

Stock Option Plan Activity and Stock Options Granted

The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 2019, and the assumptions used to value those 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		December 31, 2019
Date of Grant	Options Granted	Option Exercise (Strike) Price		Closing Stock Price on Date of Grant		Options Outstanding	Options Exercisable
January 2, 2019	1,316,924	$	26.00	$	25.705	1,279,842	29,010
January 2, 2018	1,087,936	$	27.50	$	27.270	1,019,440	42,370
January 3, 2017	1,529,578	$	23.50	$	23.475	1,197,606	332,132
April 19, 2016	1,690,880	$	23.00	$	22.870	1,220,524	447,166
April 21, 2015	1,786,440	$	21.00	$	20.630	833,593	444,589
April 22, 2014	1,910,000	$	28.00	$	25.265	599,128	357,268
April 16, 2013	410,000	$	27.00	$	24.625	97,472	58,722
April 17, 2012	2,470,000	$	27.00	$	24.505	547,112	440,310
April 19, 2011	820,000	$	17.50	$	15.890	12,500	12,500
Total	13,021,758					6,807,217	2,164,067

A summary of activities under our stock option plans consisted of the following:



	Options Outstanding		Exercise Price⁽¹⁾		Remaining Life⁽²⁾
Outstanding as of January 1, 2019	7,999,264		$	24.765	5.61
Granted	1,316,924		$	26.000	9.00
Exercised	(2,325,073	)	$	25.150
Cancelled/forfeited	(183,898	)	$	24.630
Outstanding as of December 31, 2019	6,807,217		$	24.890	6.09
Exercisable as of December 31, 2019	2,164,067		$	24.510	4.30



	Options Outstanding		Exercise Price⁽¹⁾		Remaining Life⁽²⁾
Outstanding as of January 1, 2018	7,897,816		$	24.140	5.89
Granted	1,087,936		$	27.500	9.00
Exercised	(620,766	)	$	21.655
Cancelled/forfeited	(365,722	)	$	24.430
Outstanding as of December 31, 2018	7,999,264		$	24.765	5.61
Exercisable as of December 31, 2018	3,108,756		$	25.530	3.69

⁽¹⁾Weighted average exercise price.

⁽²⁾Weighted average remaining contractual life in years.

Schedule of Common Stock Outstanding Roll Forward

Shares of common stock outstanding were as follows:



	2019	2018		2017
Balance at beginning of year	571,803,838	575,183,072		578,323,848
Stock options exercised	2,325,073	620,766		659,224
Purchases of common stock	—	(4,000,000	)	(3,800,000	)
Balance at end of year	574,128,911	571,803,838		575,183,072

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 calculation because they were anti-dilutive:



Reconciliation	2019	2018	2017
Basic weighted average shares outstanding	573,202,152	573,933,834	576,416,870
Weighted shares assumed upon exercise of stock options	1,239,476	391,694	268,596
Diluted weighted average shares outstanding	574,441,628	574,325,528	576,685,466

Anti-Dilutive Options Excluded



Summary of Anti-dilutive Options Excluded	2019		2018	2017
Options to purchase shares of common stock	—		3,159,514	7,048,802
Weighted average exercise prices of options	$	—	27.510	24.925