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Components of Equity
 3 Months Ended
Mar. 31, 2015
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the three months ended March 31, 2015 and 2014 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2014
$
1,868,408

 
3,200

 
1,871,608

Exercise of stock options
35,048

 
—

 
35,048

Shares repurchased under provisions of stock repurchase plans
(77,368
)
 
—

 
(77,368
)
Stock compensation expense
9,907

 
—

 
9,907

Tax benefits from stock plans, net
1,466

 
—

 
1,466

Net earnings
106,704

 
628

 
107,332

Other comprehensive loss
(19,274
)
 
(331
)
 
(19,605
)
Distributions to noncontrolling interest
—

 
(857
)
 
(857
)
Balance at March 31, 2015
$
1,924,891

 
2,640

 
1,927,531

 
 
 
 
 
 
Balance at December 31, 2013
$
2,084,783

 
1,548

 
2,086,331

Exercise of stock options
7,892

 
—

 
7,892

Shares repurchased under provisions of stock repurchase plans
(226,725
)
 
—

 
(226,725
)
Stock compensation expense
10,294

 
—

 
10,294

Tax benefits from stock plans, net
489

 
—

 
489

Net earnings
83,824

 
371

 
84,195

Other comprehensive (loss) income
(2,426
)
 
49

 
(2,377
)
Distributions to noncontrolling interest
—

 
(85
)
 
(85
)
Balance at March 31, 2014
$
1,958,131

 
1,883

 
1,960,014


The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises and employee stock purchases. During the three months ended March 31, 2015, 458,991 shares were repurchased at an average price of $47.84 per share. The Company also has a Discretionary Stock Repurchase Plan that was amended by the Board of Directors on February 24, 2015 to authorize management to reduce issued and outstanding stock to 188 million shares of common stock. During the three months ended March 31, 2015, 1,157,523 shares were repurchased at an average price of $47.87 per share.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
Subsequent to the end of the first quarter, on May 6, 2015, the Board of Directors declared a semi-annual cash dividend of $0.36 per share payable on June 15, 2015 to shareholders of record as of June 1, 2015.