Stockholders' Equity | (3) Stockholders' Equity Dividends On October 10, 2017 , our board of directors declared a dividend of $0.32 per share of common stock. This dividend is to be paid in cash on November 22, 2017 to shareholders of record at the close of business on October 25, 2017 . Since 2011, we have paid quarterly dividends. Our board of directors expects to continue paying quarterly dividends, provided the future determination as to payment of dividends will depend on the financial needs of the Company and such other factors as deemed relevant by the board of directors. The following table presents the dividends either paid previously or declared by our board of directors for future payment on a per share basis: 2017 2016 First quarter $ 0.32 0.30 Second quarter 0.32 0.30 Third quarter 0.32 0.30 Fourth quarter 0.32 0.30 Total $ 1.28 1.20 Stock Options The following tables summarize the details of options granted under our stock option plan that were still outstanding as of September 30, 2017 , and the assumptions used to value these grants. All such grants were effective at the close of business on the date of grant. Options Granted Option Exercise (Strike) Price Closing Stock Price on Date of Grant September 30, 2017 Date of Grant Options Outstanding Options Exercisable January 3, 2017 764,789 $ 47.00 $ 46.95 725,542 — April 19, 2016 845,440 $ 46.00 $ 45.74 757,522 — April 21, 2015 893,220 $ 42.00 $ 41.26 700,746 — April 22, 2014 955,000 $ 56.00 $ 50.53 572,500 116,250 April 16, 2013 205,000 $ 54.00 $ 49.25 104,250 57,250 April 17, 2012 1,235,000 $ 54.00 $ 49.01 957,938 776,103 April 19, 2011 410,000 $ 35.00 $ 31.78 72,550 47,550 April 20, 2010 530,000 $ 30.00 $ 27.13 107,800 82,800 April 21, 2009 790,000 $ 27.00 $ 17.61 221,650 221,650 Total 6,628,449 4,220,498 1,301,603 Date of Grant Risk-free Interest Rate Expected Life of Option in Years Expected Dividend Yield Expected Stock Volatility Estimated Fair Value of Stock Option January 3, 2017 1.9 % 5.00 2.6 % 24.49 % $ 8.40 April 19, 2016 1.3 % 5.00 2.6 % 26.34 % $ 8.18 April 21, 2015 1.3 % 5.00 2.7 % 26.84 % $ 7.35 April 22, 2014 1.8 % 5.00 2.0 % 28.55 % $ 9.57 April 16, 2013 0.7 % 5.00 1.6 % 37.42 % $ 12.66 April 17, 2012 0.9 % 5.00 1.4 % 39.25 % $ 13.69 April 19, 2011 2.1 % 5.00 1.6 % 39.33 % $ 11.20 April 20, 2010 2.6 % 5.00 1.5 % 39.10 % $ 8.14 April 21, 2009 1.9 % 5.00 1.0 % 38.80 % $ 3.64 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 nine years after the grant date. The fair value of each share-based option is estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the 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, 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 nine -month periods ended September 30, 2017 and 2016 was $4.0 and $2.9 , respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2017 was $15.9 and is expected to be recognized over a weighted average period of 4.37 years . Any future changes in estimated forfeitures will impact this amount. Earnings Per Share The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings per share calculation because they were anti-dilutive: Nine-month Period Three-month Period Reconciliation 2017 2016 2017 2016 Basic weighted average shares outstanding 288,451,470 288,907,934 287,456,943 288,995,492 Weighted shares assumed upon exercise of stock options 140,104 227,908 121,100 154,114 Diluted weighted average shares outstanding 288,591,574 289,135,842 287,578,043 289,149,606 Nine-month Period Three-month Period Summary of Anti-dilutive Options Excluded 2017 2016 2017 2016 Options to purchase shares of common stock 3,881,605 3,061,217 3,848,126 3,335,439 Weighted average exercise price of options $ 49.21 50.17 $ 49.18 49.67 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. |