Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

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



	Cumulative shares repurchased	Average price per share
Non-Discretionary Plan (1994 through 2014)	27,433,977	$	25.50
Discretionary Plan (2001 through 2014)	44,129,166	$	38.12

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, 2013	18,524,303		$	41.02
Options granted	3,008,200		$	42.47
Options exercised	(1,462,188	)	$	31.10
Options forfeited	(474,851	)	$	41.67
Options canceled	(221,863	)	$	45.35
Outstanding at December 31, 2014	19,373,601		$	41.92	5.77	$	77,856
Exercisable at December 31, 2014	9,521,129		$	42.48	3.46	$	35,127

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,
	2014			2013			2012
Dividend yield	1.50 - 1.51%			1.50 - 1.53%			1.30 - 1.35%
Volatility – stock option plans	35 - 36%			38%			38 - 39%
Volatility – stock purchase rights plans	20		%	21		%	34		%
Risk-free interest rates	0.11 - 2.27%			0.12 - 1.40%			0.19 - 1.43%
Expected life (years) – stock option plans	6.52 - 7.43			5.91 - 7.43			5.79 - 7.26
Expected life (years) – stock purchase rights plans	1			1			1
Weighted average fair value of stock options granted during the period	$	14.44		$	11.17		$	13.53
Weighted average fair value of stock purchase rights granted during the period	$	9.60		$	9.43		$	9.70

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