Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of Dividends Paid Previously or Declared

The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis:

	2021		2020
First quarter	$	0.28	$	0.25
Second quarter	$	0.28	$	0.25
Third quarter	$	0.28	$	0.25
Fourth quarter			$	0.25
Fourth quarter (special)			$	0.40
Total	$	0.84	$	1.40

Stock Options Granted

The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2021, and the assumptions used to value these grants. All such grants were effective at the close of business on the date of grant.

	Options Granted	Option Exercise (Strike) Price		Closing Stock Price on Date of Grant		June 30, 2021
Date of Grant						Options Outstanding	Options Exercisable
January 4, 2021	741,510	$	48.00	$	47.650	724,219	26,643
January 2, 2020	902,263	$	38.00	$	37.230	855,563	24,964
January 2, 2019	1,316,924	$	26.00	$	25.705	1,079,070	321,940
January 2, 2018	1,087,936	$	27.50	$	27.270	806,121	376,785
January 3, 2017	1,529,578	$	23.50	$	23.475	860,329	486,483
April 19, 2016	1,690,880	$	23.00	$	22.870	842,593	645,649
April 21, 2015	1,786,440	$	21.00	$	20.630	540,418	377,234
April 22, 2014	1,910,000	$	28.00	$	25.265	251,372	175,138
April 16, 2013	410,000	$	27.00	$	24.625	18,771	18,771
Total	11,375,531					5,978,456	2,453,607

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
January 4, 2021	0.4	%	5.00	2.0	%	29.17	%	$	9.57
January 2, 2020	1.7	%	5.00	2.4	%	25.70	%	$	6.81
January 2, 2019	2.5	%	5.00	2.9	%	23.96	%	$	4.40
January 2, 2018	2.2	%	5.00	2.3	%	23.45	%	$	5.02
January 3, 2017	1.9	%	5.00	2.6	%	24.49	%	$	4.20
April 19, 2016	1.3	%	5.00	2.6	%	26.34	%	$	4.09
April 21, 2015	1.3	%	5.00	2.7	%	26.84	%	$	3.68
April 22, 2014	1.8	%	5.00	2.0	%	28.55	%	$	4.79
April 16, 2013	0.7	%	5.00	1.6	%	37.42	%	$	6.33

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 per share calculation because they were anti-dilutive:

	Six-month Period		Three-month Period
Reconciliation	2021	2020	2021	2020
Basic weighted average shares outstanding	574,465,377	573,550,730	574,592,653	573,197,303
Weighted shares assumed upon exercise of stock options	2,289,356	1,577,540	2,359,005	1,754,697
Diluted weighted average shares outstanding	576,754,733	575,128,270	576,951,658	574,952,000

Anti-Dilutive Options Excluded

	Six-month Period			Three-month Period
Summary of Anti-dilutive Options Excluded	2021		2020	2021		2020
Options to purchase shares of common stock	688,058		893,428	696,951		895,566
Weighted average exercise prices of options	$	48.00	38.00	$	48.00	38.00