Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Summary of Authorized, Issued, and Outstanding Shares

Our authorized, issued, and outstanding shares (share amounts stated in whole numbers) consist of the following:

	Par Value		June 30, 2013	December 31, 2012	June 30, 2012
Preferred Stock	$.01	/share
Shares authorized			5,000,000	5,000,000	5,000,000
Shares issued and outstanding			—	—	—
Common Stock	$.01	/share
Shares authorized			400,000,000	400,000,000	400,000,000
Shares issued and outstanding			296,860,119	296,564,382	296,150,999

Schedule of Dividends Paid Previously or Declared

The following table presents the dividends either paid previously or declared by our board of directors for future payment:

	2013		2012
First quarter	$	0.10	$	0.17
Second quarter	0.20		0.17
Third quarter	0.25		0.19
Fourth quarter			0.21
Sub-Total	$	0.55	$	0.74
Supplemental			0.50
Total	$	0.55	$	1.24

Summary of Stock Options Granted

The following tables summarize the details of grants made under our stock option plan of options that have been granted and are outstanding, and the assumptions used to value these options. All options granted were effective at the close of business on the date of grant.

		Option		Closing
		exercise		stock price		June 30, 2013
	Options	(strike)		on date		Options	Options
Date of grant	granted	price		of grant		outstanding	vested
April 16, 2013	205,000	$	54.00	$	49.25	182,500	—
April 17, 2012	1,235,000	$	54.00	$	49.01	1,132,500	—
April 19, 2011	410,000	$	35.00	$	31.78	370,000	—
April 20, 2010	530,000	$	30.00	$	27.13	320,000	—
April 21, 2009	790,000	$	27.00	$	17.61	425,800	180,800
April 15, 2008	550,000	$	27.00	$	24.35	225,900	124,650
April 17, 2007	4,380,000	$	22.50	$	20.15	1,860,855	1,191,355
Total	8,100,000					4,517,555	1,496,805

Summary of Fair Value Assumptions for Options Granted

Date of grant	Risk-free interest rate		Expected life of option in years	Expected dividend yield		Expected stock volatility		Estimated fair value of stock option
April 16, 2013	0.7	%	5.00	1.6	%	37.42	%	$	12.66
April 17, 2012	0.9	%	5.00	1.4	%	39.25	%	$	13.69
April 19, 2011	2.1	%	5.00	1.6	%	39.33	%	$	11.20
April 20, 2010	2.6	%	5.00	1.5	%	39.10	%	$	8.14
April 21, 2009	1.9	%	5.00	1.0	%	38.80	%	$	3.64
April 15, 2008	2.7	%	5.00	1.0	%	30.93	%	$	7.75
April 17, 2007	4.6	%	4.85	1.0	%	31.59	%	$	5.63

Reconciliation of Denominators used in Computation of Basic and Diluted Earnings Per Share

The following tables present a reconciliation of the denominators used in the computation of basic and diluted earnings per share and a summary of the options to purchase shares of common stock which were excluded from the diluted earnings calculation because they were anti-dilutive:

	Six-month period		Three-month period
Reconciliation	2013	2012	2013	2012
Basic weighted average shares outstanding	296,711,326	295,826,501	296,778,588	296,110,167
Weighted shares assumed upon exercise of stock options	978,224	1,194,737	943,682	1,019,731
Diluted weighted average shares outstanding	297,689,550	297,021,238	297,722,270	297,129,898

Summary of Anti-Dilutive Options Excluded

	Six-month period		Three-month period
Summary of anti-dilutive options excluded	2013	2012	2013	2012
Options to purchase shares of common stock	1,238,356	501,566	1,307,857	1,353,132
Weighted average exercise price of options	$54.00	$54.00	$54.00	$49.09