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Stock Based Compensation (Tables)
9 Months Ended
Sep. 30, 2016
Stock Based Compensation [Abstract]  
Stock Based Compensation Expense
The following table provides information regarding the Company's stock-based compensation expense (in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2016
 
2015
 
2016
 
2015
 
Stock based compensation
 
$
21,388
  
$
17,597
  
$
60,480
  
$
47,035
 
Tax effect recognized in net income
  
7,486
   
6,159
   
21,168
   
16,462
 
Windfall tax benefit/(shortfall), net
  
-
   
2,132
   
-
   
10,887
 

Windfall tax benefits are no longer calculated due to the adoption of the ASU related to stock compensation (see Note 2), as all tax benefits are recognized in net income.

Weighted Average Assumptions Used to Value Option Grants
 
 
Nine months ended September 30,
 
 
 
2016
  
2015
 
Risk-free interest rate (%)
  
1.38
   
1.52
 
Expected option life (years)
  
5.20
   
5.10
 
Expected volatility (%)
  
21.63
   
22.23
 
Expected dividend yield (%)
  
0.70
   
0.62