Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2013

The following table summarizes by repurchase plan the Company’s repurchasing activity:



	Cumulative shares repurchased	Average price per share
Non-Discretionary Plan (1994 through 2013)	25,908,150	$	24.46
Discretionary Plan (2001 through 2013)	32,556,930	$	36.76

The following table summarizes information about stock options:



	Number of shares		Weighted average exercise price per share		Weighted average remaining contractual life	Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2012	17,830,164		$	40.51
Options granted	2,779,700		$	35.33
Options exercised	(1,483,190	)	$	24.12
Options forfeited	(359,525	)	$	43.25
Options canceled	(237,009	)	$	38.41
Outstanding at December 31, 2013	18,530,140		$	41.02	5.88	$	88,006
Exercisable at December 31, 2013	8,821,695		$	39.53	3.59	$	46,729

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:



	For the years ended December 31,
	2013			2012			2011
Dividend yield	1.50 - 1.53%			1.30 - 1.35%			.97 - .98%
Volatility – stock option plans	38%			38 - 39%			38 - 40%
Volatility – stock purchase rights plans	21		%	34		%	26		%
Risk-free interest rates	0.12 - 1.40%			.19 - 1.43%			.19 - 2.84%
Expected life (years) – stock option plans	5.91 - 7.43			5.79 - 7.26			5.50 - 7.11
Expected life (years) – stock purchase rights plans	1			1			1
Weighted average fair value of stock options granted during the period	$	11.17		$	13.53		$	19.35
Weighted average fair value of stock purchase rights granted during the period	$	9.43		$	9.70		$	11.70

Total stock compensation expense and the total related tax benefit recognized are as follows: