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Components of Equity
 6 Months Ended
Jun. 30, 2016
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the six months ended June 30, 2016 and 2015 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2015
$
1,691,993

 
2,683

 
1,694,676

Exercise of stock options
90,123

 
—

 
90,123

Shares repurchased under provisions of stock repurchase plans
(166,407
)
 
—

 
(166,407
)
Stock compensation expense
23,788

 
—

 
23,788

Tax deficiency from stock plans, net
(2,444
)
 
—

 
(2,444
)
Net earnings
212,636

 
850

 
213,486

Other comprehensive (loss) income
(774
)
 
57

 
(717
)
Dividends paid ($0.40 per share)
(73,000
)
 
—

 
(73,000
)
Balance at June 30, 2016
$
1,775,915

 
3,590

 
1,779,505

 
 
 
 
 
 
Balance at December 31, 2014
$
1,868,408

 
3,200

 
1,871,608

Exercise of stock options
60,095

 
—

 
60,095

Shares repurchased under provisions of stock repurchase plans
(205,505
)
 
—

 
(205,505
)
Stock compensation expense
21,570

 
—

 
21,570

Tax benefits from stock plans, net
1,331

 
—

 
1,331

Net earnings
224,464

 
1,197

 
225,661

Other comprehensive loss
(14,961
)
 
(428
)
 
(15,389
)
Dividends paid ($0.36 per share)
(68,781
)
 
—

 
(68,781
)
Distributions to noncontrolling interest
—

 
(857
)
 
(857
)
Balance at June 30, 2015
$
1,886,621

 
3,112

 
1,889,733


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 six-month periods ended June 30, 2016 and 2015, 1,654 and 1,183 shares were repurchased at an average price of $48.85 and $47.06 per share, respectively.
The Company also has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding stock. On May 3, 2016, the Board of Directors amended the plan to further authorize repurchases from 180 million down to 170 million shares of common stock. During the six-month periods ended June 30, 2016 and 2015, 1,759 and 3,133 shares were repurchased at an average price of $48.65 and $47.82 per share, respectively.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
On May 3, 2016, the Board of Directors declared a semi-annual dividend of $0.40 per share payable on June 15, 2016 to shareholders of record as of June 1, 2016. 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.