Components of Equity

The components of equity for the six months ended June 30, 2017 and 2016 are as follows:



	Shareholders’ equity			Noncontrolling interest	Total equity
Balance at December 31, 2016	$	1,844,638		2,575	1,847,213
Exercise of stock options	96,866			—	96,866
Shares repurchased under provisions of stock repurchase plans	(137,960		)	—	(137,960	)
Stock compensation expense	27,826			—	27,826
Net earnings	202,115			207	202,322
Other comprehensive income	18,085			11	18,096
Dividends paid ($0.42 per share)	(75,726		)	—	(75,726	)
Balance at June 30, 2017	$	1,975,844		2,793	1,978,637

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 benefits 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

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, 2017 and 2016, 1,651 and 1,654 shares were repurchased at an average price of $55.74 and $48.85 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 down to 170 million shares of common stock. 831 shares were repurchased during the six-month period ended June 30, 2017 at an average price of $55.27 per share, and 1,759 shares were repurchased at an average price of $48.65 per share during the same period in 2016.

Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.

On May 2, 2017, the Board of Directors declared a semi-annual dividend of $0.42 per share payable on June 15, 2017 to shareholders of record as of June 1, 2017. 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.