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Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
(3) Stockholders' Equity
Dividends
On April 10, 2025, our board of directors declared a quarterly dividend of $0.44 per share of common stock to be paid in cash on May 23, 2025 to shareholders of record at the close of business on April 25, 2025.
The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis:
20252024
First quarter$0.43 $0.39 
Second quarter0.44 0.39 
Third quarter0.39 
Fourth quarter0.39 
Total$0.87 $1.56 
Stock Options
The following tables summarize the details of options granted under our stock option plans that were outstanding as of March 31, 2025, and the assumptions used to value those grants. All such grants were effective at the close of business on the grant date.
 Options
Granted		Option Exercise
Price		Closing Stock Price on Grant DateMarch 31, 2025
Date of GrantOptions
Outstanding		Options
Exercisable
January 2, 2025683,318 $72.00 $71.110 669,089 44,014 
January 2, 2024814,912 $64.00 $63.550 730,673 157,469 
January 3, 20231,071,943 $48.00 $47.400 825,398 291,103 
January 3, 2022713,438 $62.00 $61.980 492,213 258,997 
January 4, 2021741,510 $48.00 $47.650 440,606 288,610 
January 2, 2020902,263 $38.00 $37.230 450,135 367,081 
January 2, 20191,316,924 $26.00 $25.705 466,075 389,383 
January 2, 20181,087,936 $27.50 $27.270 297,182 263,626 
January 3, 20171,529,578 $23.50 $23.475 128,407 128,407 
April 19, 20161,690,880 $23.00 $22.870 24,943 24,943 
Total10,552,702 4,524,721 2,213,633 
Date of GrantRisk-free
Interest Rate		Expected Life
of Option in
Years		Expected
Dividend
Yield		Expected
Stock
Volatility		Estimated Fair
Value of Stock
Option
January 2, 20254.3 %5.002.2 %27.36 %$17.72 
January 2, 20243.8 %5.002.2 %28.44 %$15.87 
January 3, 20234.0 %5.002.6 %29.58 %$11.62 
January 3, 20221.3 %5.001.7 %28.52 %$13.68 
January 4, 20210.4 %5.002.0 %29.17 %$9.57 
January 2, 20201.7 %5.002.4 %25.70 %$6.81 
January 2, 20192.5 %5.002.9 %23.96 %$4.40 
January 2, 20182.2 %5.002.3 %23.45 %$5.02 
January 3, 20171.9 %5.002.6 %24.49 %$4.20 
April 19, 20161.3 %5.002.6 %26.34 %$4.09 
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 approximately 10 years after the grant date.
The fair value of each share-based option is estimated on the grant date using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the United States (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 cancellations, 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.
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for each of the three-month periods ended March 31, 2025 and 2024 was $2.0. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2025 was $26.2 and is expected to be recognized over a weighted average period of 4.45 years. Any future changes in estimated forfeitures will impact this amount.
Net Income Per Share
The following tables present a reconciliation of the denominators used in the computation of basic and diluted net income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted net income per share calculation because they were anti-dilutive:
 Three-month Period
Reconciliation20252024
Basic weighted average shares outstanding573,467,861 572,339,493 
Weighted shares assumed upon exercise of stock options1,288,251 1,751,214 
Diluted weighted average shares outstanding574,756,112 574,090,707 
 Three-month Period
Summary of Anti-dilutive Options Excluded20252024
Options to purchase shares of common stock1,308,834 958,569 
Weighted average exercise prices of options$67.78 63.55 
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.