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Stockholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2021
Stockholders' Equity Note [Abstract] |
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, 2021, 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, 2021
Date of Grant | Options Outstanding |  | Options Exercisable
January 4, 2021 | 741,510 |  |  | $48.00 |  |  | $47.650 |  |  | 711,199 |  |  | 26,643 |
January 2, 2020 | 902,263 |  |  | $38.00 |  |  | $37.230 |  |  | 846,225 |  |  | 24,964 |
January 2, 2019 | 1,316,924 |  |  | $26.00 |  |  | $25.705 |  |  | 1,017,660 |  |  | 268,714 |
January 2, 2018 | 1,087,936 |  |  | $27.50 |  |  | $27.270 |  |  | 743,788 |  |  | 318,052 |
January 3, 2017 | 1,529,578 |  |  | $23.50 |  |  | $23.475 |  |  | 732,180 |  |  | 363,406 |
April 19, 2016 | 1,690,880 |  |  | $23.00 |  |  | $22.870 |  |  | 524,119 |  |  | 331,739 |
April 21, 2015 | 1,786,440 |  |  | $21.00 |  |  | $20.630 |  |  | 403,736 |  |  | 240,908 |
April 22, 2014 | 1,910,000 |  |  | $28.00 |  |  | $25.265 |  |  | 186,391 |  |  | 111,407 |
April 16, 2013 | 410,000 |  |  | $27.00 |  |  | $24.625 |  |  | 7,972 |  |  | 7,972 |
Total | 11,375,531 |  |  |  |  |  |  | 5,173,270 |  |  | 1,693,805 |
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, 2021 | 5,914,757 |  |  | $ | 26.73 |  |  | 6.22
Granted | 741,510 |  |  | $ | 48.00 |  |  | 9.00
Exercised | (1,305,107) |  |  | $ | 24.34 |  |  |
Cancelled/forfeited | (177,890) |  |  | $ | 31.22 |  |  |
Outstanding as of December 31, 2021 | 5,173,270 |  |  | $ | 30.23 |  |  | 6.08
Exercisable as of December 31, 2021 | 1,693,805 |  |  | $ | 25.11 |  |  | 4.68
| Options Outstanding |  | Exercise Price (1) |  | Remaining Life (2)
Outstanding as of January 1, 2020 | 6,807,217 |  |  | $ | 24.89 |  |  | 6.09
Granted | 902,263 |  |  | $ | 38.00 |  |  | 9.00
Exercised | (1,630,664) |  |  | $ | 25.18 |  |  |
Cancelled/forfeited | (164,059) |  |  | $ | 27.64 |  |  |
Outstanding as of December 31, 2020 | 5,914,757 |  |  | $ | 26.73 |  |  | 6.22
Exercisable as of December 31, 2020 | 1,885,241 |  |  | $ | 24.23 |  |  | 4.71
(1) Weighted average exercise price. (2) Weighted average remaining contractual life in years.
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 4, 2021 | 0.4% |  |  | 5.00 |  | 2.0% |  |  | 29.17 | % |  | $9.57 |
January 2, 2020 | 1.7% |  |  | 5.00 |  | 2.4% |  |  | 25.70 | % |  | $6.81 |
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 |
Schedule of Common Stock Outstanding Roll Forward | Shares of common stock outstanding were as follows:
| 2021 |  | 2020 |  | 2019
Balance at beginning of year | 574,159,575 |  |  | 574,128,911 |  |  | 571,803,838 |
Stock options exercised | 1,305,107 |  |  | 1,630,664 |  |  | 2,325,073 |
Purchases of common stock | — |  |  | (1,600,000) |  |  | — |
Balance at end of year | 575,464,682 |  |  | 574,159,575 |  |  | 574,128,911 |
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 | 2021 |  | 2020 |  | 2019
Basic weighted average shares outstanding | 574,808,030 |  |  | 573,778,761 |  |  | 573,202,152 |
Weighted shares assumed upon exercise of stock options | 2,309,026 |  |  | 1,893,193 |  |  | 1,239,476 |
Diluted weighted average shares outstanding | 577,117,056 |  |  | 575,671,954 |  |  | 574,441,628 |
Anti-Dilutive Options Excluded |
Summary of Anti-dilutive Options Excluded | 2021 |  | 2020 |  | 2019
Options to purchase shares of common stock | 678,310 |  |  | 846,041 |  |  | — |
Weighted average exercise prices of options | $ | 48.00 |  |  | 38.00 |  |  | — |

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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