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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
(3) Stockholders' Equity
Dividends
On April 10, 2024, our board of directors declared a quarterly dividend of $0.39 per share of common stock to be paid in cash on May 23, 2024 to shareholders of record at the close of business on April 25, 2024.
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:
20242023
First quarter$0.39 $0.35 
Second quarter0.39 0.35 
Third quarter0.35 
Fourth quarter0.35 
Fourth quarter (special)0.38 
Total$0.78 $1.78 
Stock Options
The following tables summarize the details of options granted under our stock option plans that were outstanding as of March 31, 2024, 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		March 31, 2024
Date of GrantOptions
Outstanding		Options
Exercisable
January 2, 2024814,912 $64.00 $63.550 802,416 50,717 
January 3, 20231,071,943 $48.00 $47.400 949,410 205,572 
January 3, 2022713,438 $62.00 $61.980 583,214 226,398 
January 4, 2021741,510 $48.00 $47.650 549,094 278,374 
January 2, 2020902,263 $38.00 $37.230 609,382 395,938 
January 2, 20191,316,924 $26.00 $25.705 637,473 493,803 
January 2, 20181,087,936 $27.50 $27.270 478,526 401,032 
January 3, 20171,529,578 $23.50 $23.475 384,629 340,307 
April 19, 20161,690,880 $23.00 $22.870 167,712 111,980 
April 21, 20151,786,440 $21.00 $20.630 16,023 16,023 
Total11,655,824 5,177,879 2,520,144 
Date of GrantRisk-free
Interest Rate		Expected Life of
Option in Years		Expected
Dividend
Yield		Expected
Stock
Volatility		Estimated Fair
Value of Stock
Option
January 2, 20243.8 %5.002.2 %28.44 %$15.87 
January 3, 20234.0 %5.002.6 %29.58 %$11.62 
January 3, 20221.3 %5.001.7 %28.52 %$13.68 
January 4, 20210.4 %5.002.0 %29.17 %$9.57 
January 2, 20201.7 %5.002.4 %25.70 %$6.81 
January 2, 20192.5 %5.002.9 %23.96 %$4.40 
January 2, 20182.2 %5.002.3 %23.45 %$5.02 
January 3, 20171.9 %5.002.6 %24.49 %$4.20 
April 19, 20161.3 %5.002.6 %26.34 %$4.09 
April 21, 20151.3 %5.002.7 %26.84 %$3.68 
All of the options in the tables above vest and become exercisable over a period of up to eight years. Generally, each option will terminate approximately 10 years after the grant date.
The fair value of each share-based option is estimated on the date of grant using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. The expected life is the average length of time over which we expect the employee groups will exercise their options, net of forfeitures, which is based on historical experience with similar grants. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatilities are based on the movement of our stock price over the most recent historical period equivalent to the expected life of the option.
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the three-month periods ended March 31, 2024 and 2023 was $2.0 and $1.9, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of March 31, 2024 was $24.8 and is expected to be recognized over a weighted average period of 4.62 years. Any future changes in estimated forfeitures will impact this amount.
Income Per Share
The following tables present a reconciliation of the denominators used in the computation of basic and diluted income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted income per share calculation because they were anti-dilutive:
 Three-month Period
Reconciliation20242023
Basic weighted average shares outstanding572,339,493 570,928,848 
Weighted shares assumed upon exercise of stock options1,751,214 1,703,741 
Diluted weighted average shares outstanding574,090,707 572,632,589 
 Three-month Period
Summary of Anti-dilutive Options Excluded20242023
Options to purchase shares of common stock958,569 2,269,908 
Weighted average exercise prices of options$63.55 52.17 
Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding.