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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 5. Stockholders' Equity Dividends On January 17, 2024, our board of directors declared a quarterly dividend of $0.39 per share of common stock to be paid in cash on February 29, 2024 to shareholders of record at the close of business on February 1, 2024. In 2023, we paid aggregate annual cash dividends per share of $1.78, which included a special, one-time dividend of $0.38 per share. We paid aggregate annual cash dividends per share of $1.24 and $1.12 in 2022 and 2021, respectively. Stock Options Effective January 2, 2024, the compensation committee of our board of directors granted to our employees options to purchase a total of 764,195 shares of our common stock at an exercise price of $64.00 per share. On the same date, certain of our non-employee directors received options to acquire a total of 50,717 shares of our common stock at an exercise price of $64.00 per share. The closing stock price on the effective date of the grants was $63.55 per share. The following tables summarize the details of options granted under our stock option plans that were still outstanding as of December 31, 2023, 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 Price |  | Closing Stock Price on Date of Grant |  | December 31, 2023
Date of Grant | Options Outstanding |  | Options Exercisable
January 3, 2023 | 1,071,943 |  |  | $ | 48.00 |  |  | $ | 47.400 |  |  | 989,048 |  |  | 70,562 |
January 3, 2022 | 713,438 |  |  | $ | 62.00 |  |  | $ | 61.980 |  |  | 611,848 |  |  | 53,355 |
January 4, 2021 | 741,510 |  |  | $ | 48.00 |  |  | $ | 47.650 |  |  | 591,206 |  |  | 211,323 |
January 2, 2020 | 902,263 |  |  | $ | 38.00 |  |  | $ | 37.230 |  |  | 658,884 |  |  | 322,242 |
January 2, 2019 | 1,316,924 |  |  | $ | 26.00 |  |  | $ | 25.705 |  |  | 758,611 |  |  | 451,061 |
January 2, 2018 | 1,087,936 |  |  | $ | 27.50 |  |  | $ | 27.270 |  |  | 541,026 |  |  | 419,460 |
January 3, 2017 | 1,529,578 |  |  | $ | 23.50 |  |  | $ | 23.475 |  |  | 523,828 |  |  | 426,290 |
April 19, 2016 | 1,690,880 |  |  | $ | 23.00 |  |  | $ | 22.870 |  |  | 245,075 |  |  | 188,177 |
April 21, 2015 | 1,786,440 |  |  | $ | 21.00 |  |  | $ | 20.630 |  |  | 54,552 |  |  | 54,552 |
Total | 10,840,912 |  |  |  |  |  |  | 4,974,078 |  |  | 2,197,022 |
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 3, 2023 | 4.0% |  |  | 5.00 |  | 2.6% |  |  | 29.58 | % |  | $ | 11.62 |
January 3, 2022 | 1.3% |  |  | 5.00 |  | 1.7% |  |  | 28.52 | % |  | $ | 13.68 |
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 |
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 approximat ely 10 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, net of forfeitures, 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 price over the most recent historical period equivalent to the expected life of the option. 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, 2023 | 5,374,736 |  |  | $ | 34.37 |  |  | 5.66
Granted | 1,071,943 |  |  | $ | 48.00 |  |  | 9.00
Exercised | (1,170,693) |  |  | $ | 25.69 |  |  |
Cancelled/forfeited | (301,908) |  |  | $ | 45.00 |  |  |
Outstanding as of December 31, 2023 | 4,974,078 |  |  | $ | 38.70 |  |  | 5.99
Exercisable as of December 31, 2023 | 2,197,022 |  |  | $ | 30.88 |  |  | 4.54
| Options Outstanding |  | Exercise Price (1) |  | Remaining Life (2)
Outstanding as of January 1, 2022 | 5,173,270 |  |  | $ | 30.23 |  |  | 6.08
Granted | 713,438 |  |  | $ | 62.00 |  |  | 9.00
Exercised | (346,992) |  |  | $ | 26.78 |  |  |
Cancelled/forfeited | (164,980) |  |  | $ | 40.00 |  |  |
Outstanding as of December 31, 2022 | 5,374,736 |  |  | $ | 34.37 |  |  | 5.66
Exercisable as of December 31, 2022 | 2,437,636 |  |  | $ | 27.14 |  |  | 4.30
(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, 2023, 2022, and 2021 was $38.1, $10.2, and $38.8, 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, 2023, there was $16.6 of total unrecognized stock-based compensation expense related to outstanding unvested stock options granted under the employee stock option plan. This expense is expected to be recognized over a weighted average period of 4.18 years. Any future change in estimated forfeitures will impact this amount. The total grant date fair value of stock options vested under our employee stock option plan during 2023, 2022, and 2021 was $5.3, $5.2, and $4.8, respectively. Total stock-based compensation expense related to our employee stock option plan was $7.3, $7.2, and $5.6 for 2023, 2022, and 2021, respectively. Shares Outstanding Shares of common stock outstanding were as follows:
| 2023 |  | 2022 |  | 2021
Balance at beginning of year | 570,811,674 |  |  | 575,464,682 |  |  | 574,159,575 |
Stock options exercised | 1,170,693 |  |  | 346,992 |  |  | 1,305,107 |
Purchases of common stock | — |  |  | (5,000,000) |  |  | — |
Balance at end of year | 571,982,367 |  |  | 570,811,674 |  |  | 575,464,682 |
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:
Reconciliation | 2023 |  | 2022 |  | 2021
Basic weighted average shares outstanding | 571,271,846 |  |  | 573,777,790 |  |  | 574,808,030 |
Weighted shares assumed upon exercise of stock options | 1,736,762 |  |  | 1,845,324 |  |  | 2,309,026 |
Diluted weighted average shares outstanding | 573,008,608 |  |  | 575,623,114 |  |  | 577,117,056 |
Summary of Anti-dilutive Options Excluded | 2023 |  | 2022 |  | 2021
Options to purchase shares of common stock | 1,568,460 |  |  | 1,335,898 |  |  | 678,310 |
Weighted average exercise prices of options | $ | 53.80 |  |  | 55.25 |  |  | 48.00 |
Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding.

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