5) COMMON STOCK

Dividends

Cash dividends of $0.30 per share ($29.7 million in the aggregate) were declared and paid during 2014, $.20 per share ($19.6 million in the aggregate) were declared and paid during 2013 and $.60 per share ($58.4 million in the aggregate), including a $.40 per share special cash dividend ($38.9 million) were declared and paid during 2012. All classes of our common stock have similar economic rights.

Stock Repurchase Programs

In various prior years, our Board of Directors approved stock repurchase programs authorizing us to purchase shares of our outstanding Class B Common Stock on the open market at prevailing market prices or in negotiated transactions off the market. In conjunction with the new stock repurchase program discussed below, remaining shares available for repurchase pursuant to prior authorizations were cancelled.

In July, 2014, our Board of Directors authorized a new stock repurchase program whereby, from time to time as conditions allow, we may spend up to $400 million to purchase shares of our Class B Common Stock on the open market or in negotiated private transactions. There is no expiration date for our stock repurchase program. Upon approval of the new stock purchase program, our previously announced stock repurchase program was cancelled. The following schedule provides information related to our stock repurchase program for each of the three years ended December 31, 2014. All of the shares repurchased during 2013 and 2012 related to income tax withholding obligations resulting from the exercise of stock options and the vesting of restricted stock grants. No shares were repurchased during 2013 or 2012 pursuant to our publicly announced stock repurchase program. During 2014, 548,192 shares ($58.0 million in the aggregate) were repurchased pursuant to the terms of our recently authorized stock repurchase program and 480,972 shares ($42.7 million in the aggregate) were repurchased in connection with income tax withholding obligations resulting from the exercise of stock options and the vesting of restricted stock grants.


	Additional dollars authorized for repurchase (in thousands)		Total number of shares purchased		Total number of shares cancelled		Average price paid per share for forfeited restricted shares	Total number of shares purchased as part of publicly announced programs		Average price pad per share for shares purchased as part of publicly announced program		Aggregate purchase price paid (in thousands)		Aggregate purchase price paid for shares purchased as part of publicly announced program		Maximum number of shares that may yet be purchased under the program		Maximum number of dollars that may yet be purchased under the program (in thousands)
Balance as of January 1, 2012																	767,704		N/A
2012		—		433,312		—	N/A		—		N/A	$	19,154		N/A		767,704		N/A
2013		—		427,170		—	N/A		—		N/A	$	27,201		N/A		767,704		N/A
2014	$	400,000		1,029,164		767,704	N/A		548,192	$	105.71	$	100,749	$	57,950		N/A	$	342,050

Total for three year period ended December 31, 2014	$	400,000		1,889,646		767,704	N/A		548,192	$	105.71	$	147,104	$	57,950

Stock-based Compensation Plans

At December 31, 2014, we have a number of stock-based employee compensation plans. Pursuant to the FASB’s guidance, we expense the grant-date fair value of stock options and other equity-based compensation pursuant to the straight-line method over the stated vesting period of the award using the Black-Scholes option-pricing model.

Pre-tax compensation costs of $29.2 million during 2014, $25.8 million during 2013, and $20.1 million during 2012 were recognized related to outstanding stock options. In addition, pre-tax compensation costs of $1.9 million during 2014, $2.0 million during 2013 and $2.4 million during 2012 were recognized related to amortization of restricted stock and discounts provided in connection with shares purchased pursuant to our 2005 Employee Stock Purchase Plan.

The expense associated with stock-based compensation arrangements is a non-cash charge. In the Consolidated Statements of Cash Flows, stock-based compensation expense is an adjustment to reconcile net income to cash provided by operating activities and aggregated to $31.1 million in 2014, $27.8 million in 2013 and $22.5 million in 2012. In accordance with ASC 718, excess income tax benefits related to stock-based compensation are classified as cash inflows from financing activities on the Consolidated Statement of Cash Flows. During 2014, 2013 and 2012 we generated $33.9 million, $20.1 million and $16.0 million, respectively, of excess income tax benefits related to stock based compensation which are reflected as cash inflows from financing activities in our Consolidated Statements of Cash Flows, as included herein.

We adopted the 2005 Stock Incentive Plan, as amended in 2008 and 2010, (the “Stock Incentive Plan”) which replaced our Amended and Restated 1992 Stock Option Plan which expired in July of 2005. An aggregate of 23 million shares of Class B Common Stock has been reserved under the Stock Incentive Plan. During 2014, 2013 and 2012, stock options, net of cancellations, of approximately 2.8 million, 2.6 million and 2.6 million, respectively, were granted. The per option weighted-average grant-date fair value of options granted during 2014, 2013 and 2012 was $17.23, $13.33 and $10.73, respectively. Stock options to purchase Class B Common Stock have been granted to our officers, key employees and members of our Board of Directors. All stock options were granted with an exercise price equal to the fair market value on the date of the grant. Options are exercisable ratably over a four-year period beginning one year after the date of the grant. All outstanding options expire five years after the date of the grant. As of December 31, 2014, approximately 3.1 million shares of Class B Common Stock remain available for issuance pursuant to the Stock Incentive Plan.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The following weighted average assumptions were derived from averaging the number of options granted during the most recent five-year period. The weighted-average assumptions reflected below were based upon twenty-one options grants for the five-year period ending December 31, 2014 and eighteen option grants for each of the five-year periods ended December 31, 2013 and 2012.


Year Ended December 31,	2014			2013			2012
Volatility		35	%		36	%		33	%
Interest rate		1	%		1	%		1	%
Expected life (years)		3.4			3.6			3.5
Forfeiture rate		10	%		11	%		10	%
Dividend yield		0.4	%		0.5	%		0.6	%

The risk-free rate is based on the U.S. Treasury zero coupon four year yield in effect at the time of grant. The expected life of the stock options granted was estimated using the historical behavior of employees. Expected volatility was based on historical volatility for a period equal to the stock option’s expected life. Expected dividend yield is based on our dividend yield at the time of grant.

The table below summarizes our stock option activity during each of the last three years:


Outstanding Options	Number of Shares			Average Option Price		Range (High-Low)
Balance, January 1, 2012		7,558,945		$	31.63	$	54.79-$16.22
Granted		2,966,850		$	37.01	$	44.83-$36.95
Exercised		(2,608,007	)	$	23.22	$	46.97-$16.22
Cancelled		(481,550	)	$	38.00	$	46.97-$16.22

Balance, January 1, 2013		7,436,238		$	36.31	$	54.79-$16.22
Granted		2,889,750		$	53.51	$	79.79-$53.38
Exercised		(2,288,666	)	$	32.27	$	54.79-$16.22
Cancelled		(416,364	)	$	43.93	$	53.38-$16.22

Balance, January 1, 2014		7,620,958		$	43.63	$	79.79-$30.32
Granted		2,845,500		$	78.65	$	102.21-$78.17
Exercised		(2,277,469	)	$	38.50	$	73.65-$30.32
Cancelled		(291,538	)	$	55.63	$	78.17-$36.95

Balance, December 31, 2014		7,897,451		$	57.29	$	102.21-$36.95

Outstanding options vested and exercisable as of December 31, 2014		1,412,422		$	43.59	$	79.79-$36.97

The following table provides information about unvested options for the year December 31, 2014:


	Shares			Weighted Average Grant Date Fair Value
Unvested options as of January 1, 2014		5,864,830		$	12.12
Granted		2,845,500		$	17.23
Vested		(1,937,013	)	$	11.90
Cancelled		(288,288	)	$	13.64

Unvested options as of December 31, 2014		6,485,029		$	14.36

The following table provides information regarding all options outstanding at December 31, 2014:


	Options Outstanding		Options Exercisable
Number of options outstanding		7,897,451		1,412,422
Weighted average exercise price	$	57.29	$	43.59
Aggregate intrinsic value as of December 31, 2014	$	426,248,728	$	95,577,868
Weighted average remaining contractual life		2.9		1.8

The total in-the-money value of all stock options exercised during the years ended December 31, 2014, 2013 and 2012 were $112.5 million, $70.9 million and $54.4 million, respectively.

The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2014 were as follows:


Exercise Price	Options Outstanding		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in Years)		Exercisable Options		Weighted Average Exercise Price Per Share		Expected to Vest Options (a)		Weighted Average Exercise Price Per Share
Exercise Price	Shares		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in Years)		Shares		Weighted Average Exercise Price Per Share		Shares		Weighted Average Exercise Price Per Share
$36.95 – $43.46		1,690,463	$	37.00		2.0		465,688	$	37.02		1,100,460	$	36.99
$43.67 – $46.97		1,201,213		43.68		1.0		647,025		43.67		497,938		43.68
$53.38 – $73.65		2,241,625		53.52		3.0		299,209		53.58		1,745,261		53.51
$78.17 – $102.21		2,764,150		78.66		4.2		500		79.79		2,483,140		78.66

Total		7,897,451	$	57.29		2.9		1,412,422	$	43.59		5,826,799	$	60.27

(a)	Assumes a weighted average forfeiture rate of 10.2%.

In addition to the Stock Incentive Plan, we have the following stock incentive and purchase plans: (i) the 2010 Employees’ Restricted Stock Purchase Plan (“2010 Plan”) which allows eligible participants to purchase shares of Class B Common Stock at par value, subject to certain restrictions, and; (ii) a 2005 Employee Stock Purchase Plan which allows eligible employees to purchase shares of Class B Common Stock at a ten percent discount. There were 26,189, 10,000 and 54,127 shares of restricted stock granted pursuant to the 2010 Plan during 2014, 2013 and 2012, respectively, with various ratable vesting periods ranging up to four years from the date of grant. There were 75,303, 90,587 and 117,901 shares issued pursuant to the Employee Stock Purchase Plan during 2014, 2013 and 2012, respectively.

We have reserved 6.0 million shares of Class B Common Stock for issuance under these various plans (excluding terminated plans) and have issued approximately 1.1 million shares, net of cancellations, pursuant to the terms of these plans (excluding terminated plans) as of December 31, 2014. As of December 31, 2014, approximately 4.9 million shares of Class B Common Stock remain available for issuance pursuant to these various plans.

At December 31, 2014, 23,297,420 shares of Class B Common Stock were reserved for issuance upon conversion of shares of Class A, C and D Common Stock outstanding, for issuance upon exercise of options to purchase Class B Common Stock and for issuance of stock under other incentive plans. Class A, C and D Common Stock are convertible on a share for share basis into Class B Common Stock.