Components of Equity

The components of equity for the three months ended March 31, 2019 and 2018 are as follows:



	Common Stock
	Shares		Par value			Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Total shareholders’ equity		Noncontrolling interest		Total equity
Balance at December 31, 2018	171,582		$	1,716		1,896		2,088,707		(105,481	)	1,986,838		882		1,987,720
Exercise of stock options and release of restricted shares	654		6			27,184		—		—		27,190		—		27,190
Shares repurchased under provisions of stock repurchase plans	(588	)	(6		)	(38,484	)	(5,844	)	—		(44,334	)	—		(44,334	)
Stock compensation expense	—		—			13,382		—		—		13,382		—		13,382
Net earnings	—		—			—		139,699		—		139,699		412		140,111
Other comprehensive income (loss)	—		—			—		—		1,495		1,495		(130	)	1,365
Balance at March 31, 2019	171,648		$	1,716		3,978		2,222,562		(103,986	)	2,124,270		1,164		2,125,434

Balance at December 31, 2017	176,374		$	1,764		546		2,063,512		(73,964	)	1,991,858		2,515		1,994,373
Cumulative effect of accounting change	—		—			—		(22,357	)	—		(22,357	)	(105	)	(22,462	)
Exercise of stock options and release of restricted shares	596		6			26,391		—		—		26,397		—		26,397
Shares repurchased under provisions of stock repurchase plans	(2,662	)	(27		)	(37,006	)	(135,327	)	—		(172,360	)	—		(172,360	)
Stock compensation expense	—		—			11,267		—		—		11,267		—		11,267
Net earnings	—		—			—		135,692		—		135,692		508		136,200
Other comprehensive income (loss)	—		—			—		—		8,972		8,972		(121	)	8,851
Balance at March 31, 2018	174,308		$	1,743		1,198		2,041,520		(64,992	)	1,979,469		2,797		1,982,266

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-month periods ended March 31, 2019 and 2018, 88 and 446 shares were repurchased at an average price of $74.03 and $65.68 per share, respectively. As of March 31, 2019, all shares authorized for repurchase under this plan have been repurchased.

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 160 million shares of common stock. During the three-month period ended March 31, 2019, 500 shares were repurchased at an average price of $75.64 per share, compared to 2,216 shares at an average price of $64.58 per share during the same period in 2018.

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 7, 2019, the Board of Directors declared a semi-annual dividend of $0.50 per share payable on June 17, 2019 to shareholders of record as of June 3, 2019.