Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

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:

	2023		2022
First quarter	$	0.35	$	0.31
Second quarter	0.35		0.31
Third quarter	0.35		0.31
Fourth quarter			0.31
Total	$	1.05	$	1.24

Stock Options Granted

The following tables summarize the details of options granted under our stock option plans that were outstanding as of June 30, 2023, and the assumptions used to value those grants. All such grants were effective at the close of business on the date of grant.

	Options Granted	Option Exercise Price		Closing Stock Price on Date of Grant		June 30, 2023
Date of Grant						Options Outstanding	Options Exercisable
January 3, 2023	1,071,943	$	48.00	$	47.400	1,046,851	70,562
January 3, 2022	713,438	$	62.00	$	61.980	656,520	53,355
January 4, 2021	741,510	$	48.00	$	47.650	637,416	234,203
January 2, 2020	902,263	$	38.00	$	37.230	727,427	370,152
January 2, 2019	1,316,924	$	26.00	$	25.705	862,003	534,009
January 2, 2018	1,087,936	$	27.50	$	27.270	636,123	506,029
January 3, 2017	1,529,578	$	23.50	$	23.475	627,243	523,609
April 19, 2016	1,690,880	$	23.00	$	22.870	446,559	386,293
April 21, 2015	1,786,440	$	21.00	$	20.630	212,347	212,347
Total	10,840,912					5,852,489	2,890,559

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 3, 2023	4.0	%	5.00	2.6	%	29.58	%	$	11.62
January 3, 2022	1.3	%	5.00	1.7	%	28.52	%	$	13.68
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

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	2023	2022	2023	2022
Basic weighted average shares outstanding	571,033,444	575,510,253	571,138,039	575,462,097
Weighted shares assumed upon exercise of stock options	1,724,032	1,998,786	1,752,121	1,940,124
Diluted weighted average shares outstanding	572,757,476	577,509,039	572,890,160	577,402,221

Anti-Dilutive Options Excluded

	Six-month Period			Three-month Period
Summary of Anti-dilutive Options Excluded	2023		2022	2023		2022
Options to purchase shares of common stock	2,244,555		1,350,936	1,866,320		1,354,464
Weighted average exercise prices of options	$	52.17	55.20	$	52.96	55.22