Components of Equity

The components of equity for the nine months ended September 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	134,014			—		134,014
Issuance of shares under stock purchase plan	28,767			—		28,767
Shares repurchased under provisions of stock repurchase plans	(340,736		)	—		(340,736	)
Stock compensation expense	39,036			—		39,036
Net earnings	322,378			550		322,928
Other comprehensive income (loss)	25,632			(47	)	25,585
Dividends paid ($0.42 per share)	(75,726		)	—		(75,726	)
Balance at September 30, 2017	$	1,978,003		3,078		1,981,081

Balance at December 31, 2015	$	1,691,993		2,683		1,694,676
Exercise of stock options	119,509			—		119,509
Issuance of shares under stock purchase plan	28,136					28,136
Shares repurchased under provisions of stock repurchase plans	(268,097		)	—		(268,097	)
Stock compensation expense	34,264			—		34,264
Tax benefits from stock plans, net	(2,533		)	—		(2,533	)
Net earnings	320,217			1,218		321,435
Other comprehensive loss	(406		)	(51	)	(457	)
Dividends paid ($0.40 per share)	(73,000		)	—		(73,000	)
Balance at September 30, 2016	$	1,850,083		3,850		1,853,933

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 nine-month periods ended September 30, 2017 and 2016, 2,902 and 2,822 shares were repurchased at an average price of $55.58 and $49.84 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. During the nine-month periods ended September 30, 2017 and 2016, 3,189 and 2,579 shares were repurchased at an average price of $56.26 and $49.41 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 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.

Subsequent to the end of the third quarter, on November 7, 2017, the Board of Directors declared a semi-annual dividend of $0.42 per share payable on December 15, 2017 to shareholders of record as of December 1, 2017.