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Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
(3) Stockholders' Equity
Dividends
On July 11, 2025, our board of directors declared a quarterly dividend of $0.22 per share of common stock to be paid in cash on August 26, 2025 to shareholders of record at the close of business on July 29, 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$0.215 $0.195 
Second quarter0.220 0.195 
Third quarter0.220 0.195 
Fourth quarter0.195 
Total$0.655 $0.780 
Stock Options
The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 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 DateJune 30, 2025
Date of GrantOptions
Outstanding		Options
Exercisable
January 2, 20251,366,636 $36.00 $35.555 1,291,450 88,028 
January 2, 20241,629,824 $32.00 $31.775 1,407,662 308,220 
January 3, 20232,143,886 $24.00 $23.700 1,590,490 567,086 
January 3, 20221,426,876 $31.00 $30.990 957,042 505,472 
January 4, 20211,483,020 $24.00 $23.825 850,836 555,640 
January 2, 20201,804,526 $19.00 $18.615 852,527 688,189 
January 2, 20192,633,848 $13.00 $12.853 884,928 735,872 
January 2, 20182,175,872 $13.75 $13.635 432,708 366,424 
January 3, 20173,059,156 $11.75 $11.738 217,192 217,192 
Total17,723,644 8,484,835 4,032,123 

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 %$8.86 
January 2, 20243.8 %5.002.2 %28.44 %$7.94 
January 3, 20234.0 %5.002.6 %29.58 %$5.81 
January 3, 20221.3 %5.001.7 %28.52 %$6.84 
January 4, 20210.4 %5.002.0 %29.17 %$4.79 
January 2, 20201.7 %5.002.4 %25.70 %$3.41 
January 2, 20192.5 %5.002.9 %23.96 %$2.20 
January 2, 20182.2 %5.002.3 %23.45 %$2.51 
January 3, 20171.9 %5.002.6 %24.49 %$2.10 
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 the six-month periods ended June 30, 2025 and 2024 was $4.1 and $4.0, respectively, while the second quarter of 2025 and 2024 was $2.0 and $2.0, respectively. There is no incremental stock-based compensation expense as a result of the stock split described in Note 1. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of June 30, 2025 was $23.5 and is expected to be recognized over a weighted average period of 4.29 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:
 Six-month PeriodThree-month Period
Reconciliation2025202420252024
Basic weighted average shares outstanding1,147,216,127 1,144,915,794 1,147,492,218 1,145,152,600 
Weighted shares assumed upon exercise of stock options2,610,956 3,291,098 2,608,433 3,074,616 
Diluted weighted average shares outstanding1,149,827,083 1,148,206,892 1,150,100,651 1,148,227,216 
 Six-month PeriodThree-month Period
Summary of Anti-dilutive Options Excluded2025202420252024
Options to purchase shares of common stock1,293,470 2,525,894 1,203,422 2,523,740 
Weighted average exercise prices of options$35.70 $31.59 $36.00 31.59 
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.