Common Stock (Tables)

12 Months Ended

Dec. 31, 2012

The following summarizes options activity:


	Years Ended December 31,
	2012					2011					2010
	Number			Average		Number			Average		Number			Average
	of			Exercise		of			Exercise		of			Exercise
	Shares			Price		Shares			Price		Shares			Price
Shares under option at beginning of year		10,481,750		$	47.20		11,039,544		$	38.01		10,255,982		$	34.19
Granted		2,239,088			84.58		2,277,946			79.68		3,485,283			44.03
Cancelled		(228,137	)		60.28		(241,174	)		40.20		(232,488	)		40.53
Exercised		(3,019,219	)		82.26		(2,594,566	)		36.84		(2,469,233	)		30.35

Shares under option at end of year		9,473,482		$	58.69		10,481,750		$	47.20		11,039,544		$	38.01

Exercisable at end of year		4,823,331		$	43.99		5,073,965		$	38.47		5,067,186		$	36.31

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2012:


	Weighted-Avg		Options Outstanding				Options Exercisable
	Remaining				Weighted-Avg				Weighted-Avg
Range of Exercise Price	Contractual Life		Shares		Exercise Price		Shares		Exercise Price
$9.14—$40.00		4.16		2,436,289	$	27.79		2,436,289	$	27.79
$40.01—$65.00		6.47		2,738,151		49.42		1,690,555		52.75
$65.01—$84.58		8.63		4,299,042		82.12		696,487		79.40

Total		6.86		9,473,482	$	58.69		4,823,331	$	43.99

Assumption Used in Determination of Fair Value of Share Based Payment Awards

The use of the Black Scholes model requires the use of extensive actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.


	Years Ended December 31,
	2012			2011			2010
Valuation Assumptions:
Expected volatility		51.7	%		53.2	%		55.0	%
Risk-free interest rate		0.9	%		2.1	%		2.3	%
Expected dividends	$	0.57		$	0.44		$	0.40
Expected term (in years)		3.2			3.1			3.2

Summary of Information and Changes in Stock Options with Regard to Stock Option Plans

The following summary presents information regarding outstanding options at December 31, 2012 and changes during 2012 with regard to options under all stock option plans:


	Shares			Weighted- Average Exercise Price		Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2011		10,481,750		$	47.20		7.03	$	217,950,989
Granted		2,239,088		$	84.58
Exercised		(228,137	)	$	60.28
Cancelled		(3,019,219	)	$	82.26
Outstanding at December 31, 2012		9,473,482		$	58.69		6.86	$	150,667,018

Vested or expected to vest		9,321,906		$	58.69		6.86	$	148,256,346

Exercisable at December 31, 2012		4,823,331		$	43.99		5.38	$	125,192,433

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:


	Years Ended December 31,
	2012					2011					2010
	Number of Units			Weighted-Average Grant Date Fair Value		Number of Units			Weighted-Average Grant Date Fair Value		Number of Units			Weighted-Average Grant Date Fair Value
Nonvested at beginning of year		1,606,047		$	44.21		1,765,837		$	42.15		2,181,244		$	40.51
Granted		482,428			83.79		374,425			79.53		558,531			43.99
Vested		(406,844	)		83.34		(496,642	)		64.22		(921,454	)		43.28
Cancelled		(344,965	)		30.39		(37,573	)		44.02		(52,484	)		35.11

Nonvested at end of year		1,336,666		$	67.56		1,606,047		$	44.21		1,765,837		$	42.15

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References+ Details