Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Stockholders' Equity

Note 6 – Stockholders’ Equity

Dividends on our Common Stock

The Executive Committee, acting on behalf of the Board of Directors, declared the following dividends during the periods presented:

Declaration Date	Dividend Per Share		Record Date		Total Amount (in  thousands)		Payment Date
February 5, 2014	$	0.15		March 10, 2014	$	19,602		March 27, 2014
February 5, 2013	$	0.13		March 11, 2013	$	17,983		March 28, 2013

In addition, on April 30, 2014, the Executive Committee, acting on behalf of the Board of Directors, declared a quarterly cash dividend of $0.15 per share of outstanding common stock payable on June 19, 2014 to stockholders of record as of the close of business on May 30, 2014. Future declarations of dividends are subject to final determination by our Board of Directors.

Share Repurchases

In April 2012, the Executive Committee, acting on behalf of the Board of Directors, authorized a repurchase of up to 20 million outstanding shares of our common stock. There is no fixed termination date for the repurchases. During the three months ended March 31, 2014, we repurchased, through open market transactions, 1.7 million shares under this authorization for a total cost of $122 million, excluding transaction costs, representing an average repurchase price of $72.11 per share. As of March 31, 2014, 7.1 million shares remain authorized for repurchase under the 2012 authorization.

Stock-based Awards

Stock-based compensation expense relates primarily to expense for stock options and restricted stock units (“RSUs”). As of March 31, 2014, we had stock-based awards outstanding representing approximately 18 million shares of our common stock consisting of options to purchase approximately 18 million shares of our common stock with a weighted average exercise price of $46.35 and weighted average remaining life of 4.7 years and less than 1 million RSUs.

Annual employee stock-based award grants typically occur during the first quarter of each year. During the three months ended March 31, 2014, we granted approximately 4 million stock options. The fair value of the stock options granted during the three months ended March 31, 2014 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

Risk-free interest rate		1.12	%
Expected volatility		43.02	%
Expected life (in years)		4.08
Dividend yield		0.76	%
Weighted-average estimated fair value of options granted	$	25.91

Currency Translation

Current period currency translation adjustments include accumulated translation adjustments related to intangible assets of certain foreign entities, which arose in prior periods but were recorded in the current period. We have evaluated the impacts of the amounts on our financial results and determined them to be immaterial for all periods presented.