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Common Stock (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Information Related to Stock Repurchase Programs

The following schedule provides information related to our stock repurchase program for each of the three years ended December 31, 2015. During 2015, 1,326,207 shares ($166.2 million) were repurchased pursuant to the terms of our stock repurchase program and 493,296 shares ($58.0 million in the aggregate) were repurchased in connection with the income tax withholding obligations resulting from the exercise of stock options and the vesting of restricted stock grants.  During 2014, 548,192 shares ($58.0 million in the aggregate) were repurchased pursuant to the terms of our 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. No shares were repurchased during 2013 pursuant to publicly announced stock repurchase programs and 427,170 shares ($27.2 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, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2015

 

$

—

 

 

 

1,819,503

 

 

 

—

 

 

N/A

 

 

1,326,207

 

 

$

125.34

 

 

$

224,260

 

 

$

166,222

 

 

N/A

 

 

$

175,828

 

Total for three year

   period ended

   December 31, 2015

 

$

400,000

 

 

 

3,275,837

 

 

 

767,704

 

 

N/A

 

 

1,874,399

 

 

$

119.60

 

 

$

352,210

 

 

$

224,172

 

 

 

 

 

 

 

 

 

 
Weighted-Average Assumptions Fair Value of Option Grants

The weighted-average assumptions reflected below were based upon twenty-five option grants for the five-year period ending December 31, 2015,  twenty-one option grants for the five-year period ending December 31, 2014 and eighteen option grants for the five-year period ended December 31, 2013.

 

Year Ended December 31,

 

2015

 

 

2014

 

 

2013

 

Volatility

 

 

33

%

 

 

35

%

 

 

36

%

Interest rate

 

 

1

%

 

 

1

%

 

 

1

%

Expected life (years)

 

 

3.4

 

 

 

3.4

 

 

 

3.6

 

Forfeiture rate

 

 

10

%

 

 

10

%

 

 

11

%

Dividend yield

 

 

0.4

%

 

 

0.4

%

 

 

0.5

%

 
Stock Option Activity

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, 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, January 1, 2015

 

 

7,897,451

 

 

$

57.29

 

 

$102.21-$36.95

Granted

 

 

3,039,350

 

 

$

117.70

 

 

$142.43-$108.29

Exercised

 

 

(2,256,454)

 

 

$

48.97

 

 

$102.21-$36.95

Cancelled

 

 

(280,164)

 

 

$

83.63

 

 

$134.70-$36.95

Balance, December 31, 2015

 

 

8,400,183

 

 

$

80.50

 

 

$142.43-$36.95

Outstanding options vested and exercisable as of

   December 31, 2015

 

 

1,671,216

 

 

$

52.19

 

 

$102.21-$36.95

 
Information about Unvested Options

The following table provides information about unvested options for the year December 31, 2015:

 

 

 

Shares

 

 

Weighted

Average

Grant Date

Fair Value

 

Unvested options as of January 1, 2015

 

 

6,485,029

 

 

$

14.36

 

Granted

 

 

3,039,350

 

 

$

21.37

 

Vested

 

 

(2,515,248

)

 

$

13.38

 

Cancelled

 

 

(280,164

)

 

$

17.36

 

Unvested options as of December 31, 2015

 

 

6,728,967

 

 

$

17.77

 

 
Information about all Outstanding Options

The following table provides information regarding all options outstanding at December 31, 2015:

 

 

 

Options

Outstanding

 

 

Options

Exercisable

 

Number of options outstanding

 

 

8,400,183

 

 

 

1,671,216

 

Weighted average exercise price

 

$

80.50

 

 

$

52.19

 

Aggregate intrinsic value as of December 31, 2015

 

$

328,564,543

 

 

$

112,466,544

 

Weighted average remaining contractual life

 

 

3.0

 

 

 

1.9

 

 
Weighted Average Remaining Contractual Life for Options Outstanding and Weighted Average Exercise Price Per Share for Exercisable Options

The weighted average remaining contractual life for options outstanding and weighted average exercise price per share for exercisable options at December 31, 2015 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

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

Shares

 

 

 

 

 

$36.95 – $46.97

 

 

1,298,145

 

 

$

37.13

 

 

 

1.0

 

 

 

717,517

 

 

$

37.25

 

 

 

574,626

 

 

$

36.97

 

$53.38 – $73.65

 

 

1,805,950

 

 

 

53.49

 

 

 

2.0

 

 

 

571,450

 

 

 

53.45

 

 

 

1,098,889

 

 

 

53.50

 

$78.17 – $96.98

 

 

2,321,238

 

 

 

78.31

 

 

 

3.2

 

 

 

380,249

 

 

 

78.25

 

 

 

1,295,612

 

 

 

78.34

 

$102.21 – $142.43

 

 

2,974,850

 

 

 

117.54

 

 

 

4.2

 

 

 

2,000

 

 

 

102.21

 

 

 

1,980,776

 

 

 

117.52

 

Total

 

 

8,400,183

 

 

$

80.50

 

 

 

3.0

 

 

 

1,671,216

 

 

$

52.19

 

 

 

4,949,903

 

 

$

88.86

 

 

(a)

Assumes a weighted average forfeiture rate of 9.95%.