Common Stock (Tables)

12 Months Ended

Dec. 31, 2013

The following summarizes options activity:


	Years Ended December 31,
	2013					2012					2011
	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		9,473,482		$	58.69		10,481,750		$	47.20		11,039,544		$	38.01
Granted		2,832,587			69.37		2,239,088			84.58		2,277,946			79.68
Cancelled		(303,417	)		72.43		(228,137	)		60.28		(241,174	)		40.20
Exercised		(1,366,459	)		77.44		(3,019,219	)		82.26		(2,594,566	)		36.84

Shares under option at end of year		10,636,193		$	63.29		9,473,482		$	58.69		10,481,750		$	47.20

Exercisable at end of year		5,831,091		$	53.46		4,823,331		$	43.99		5,073,965		$	38.47

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2013:


	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—$45.00		4.36		3,201,686	$	34.43		3,201,686	$	34.43
$45.01—$70.00		8.17		3,361,420		67.84		622,464		61.32
$70.01—$84.58		7.63		4,073,087		82.21		2,006,941		81.39

Total		6.82		10,636,193	$	63.29		5,831,091	$	53.46

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

exercise activity. 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,
	2013			2012			2011
Valuation Assumptions:
Expected volatility		50.1	%		51.7	%		53.2	%
Risk-free interest rate		0.9	%		0.9	%		2.1	%
Expected dividends	$	0.75		$	0.57		$	0.44
Expected term (in years)		3.4			3.2			3.1

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, 2013 and changes during 2013 with regard to options under all stock option plans:


	Shares			Weighted- Average Exercise Price		Weighted Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at December 31, 2012		9,473,482		$	58.69		6.86	$	150,667,018
Granted		2,832,587		$	69.37
Exercised		(303,417	)	$	72.43
Cancelled		(1,366,459	)	$	77.44

Outstanding at December 31, 2013		10,636,193		$	63.29		6.82	$	183,849,267

Vested or expected to vest		10,466,014		$	63.29		6.82	$	180,907,679

Exercisable at December 31, 2013		5,831,091		$	53.46		5.37	$	155,892,094

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:


	Years Ended December 31,
	2013					2012					2011
	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		1,336,666		$	67.56		1,606,047		$	44.21		1,765,837		$	42.15
Granted		758,176			69.07		482,428			83.79		374,425			79.53
Vested		(340,218	)		69.29		(406,844	)		83.34		(496,642	)		64.22
Cancelled		(239,534	)		40.97		(344,965	)		30.39		(37,573	)		44.02

Nonvested at end of year		1,515,090		$	73.73		1,336,666		$	67.56		1,606,047		$	44.21