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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2011
Schedule of Cumulative Repurchasing Activity by Plan
The following table summarizes by repurchase plan the Company’s repurchasing activity:
 
 
Cumulative shares
repurchased
 
Average price 
per share 
Non-Discretionary Plan (1994 through 2011)
 
23,120,426

 
$
22.61

Discretionary Plan (2001 through 2011)
 
21,156,206

 
$
35.15

Schedule of Changes to Number of Shares Available for Stock Option Grants by Plan
The following table summarizes by plan stock option activity and shares available for granting of options:
 
 
1985
Plan
 
2008
Plan
 
2009
Plan
 
2010 
Plan 
 
2011 Plan 
Balance at December 31, 2008
 
6,912

 
911,585

 

 

 

Options authorized
 

 

 
3,000,000

 

 

Options granted
 

 

 
(2,449,200
)
 

 

Options not granted
 

 
(911,585
)
 

 

 

Balance at December 31, 2009
 
6,912

 

 
550,800

 

 

Options authorized
 

 

 

 
3,000,000

 

Options granted
 

 

 

 
(2,634,885
)
 

Options not granted
 

 

 
(550,800
)
 

 

Balance at December 31, 2010
 
6,912

 

 

 
365,115

 

Options authorized
 

 

 

 

 
3,000,000

Options granted
 

 

 

 

 
(2,998,390
)
Options not granted
 

 

 

 
(365,115
)
 

Balance at December 31, 2011
 
6,912

 

 

 

 
1,610

Schedule of Stock Option Activity
The following table summarizes information about stock options: 
 
 
Number of
shares
 
Weighted
average
exercise price
per share
 
Weighted
average
remaining
contractual life
 
Aggregate 
intrinsic value 
(in thousands) 
Outstanding at December 31, 2010
 
16,293,671

 
$
34.11

 
 
 
 
Options granted
 
2,998,390

 
$
52.80

 
 
 
 
Options exercised
 
(1,605,342
)
 
$
20.20

 
 
 
 
Options forfeited
 
(409,163
)
 
$
42.59

 
 
 
 
Options cancelled
 
(25,327
)
 
$
38.76

 
 
 
 
Outstanding at December 31, 2011
 
17,252,229

 
$
38.45

 
5.85
 
$
98,668

Exercisable at December 31, 2011
 
8,422,318

 
$
32.07

 
3.48
 
$
89,452

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
 
 
For the years ended December 31,
 
 
2011
 
2010
 
2009
Dividend yield
 
.97 - .98%

 
1.07 - 1.08%

 
1.22 - 1.25%

Volatility – stock option plans
 
38 - 40%

 
38 - 40%

 
38 - 39%

Volatility – stock purchase rights plans
 
26
%
 
29
%
 
59
%
Risk-free interest rates
 
.19 - 2.84%

 
.29 - 2.86%

 
.48 - 3.37%

Expected life (years) – stock option plans
 
5.50 - 7.11

 
5.44 - 6.90

 
6.09 - 7.86

Expected life (years) – stock purchase rights plans
 
1

 
1

 
1

Weighted average fair value of stock options granted during the period
 
$
19.35

 
$
14.51

 
$
13.84

Weighted average fair value of stock purchase rights granted during the period
 
$
11.70

 
$
11.16

 
$
12.78

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Total stock compensation expense and the total related tax benefit recognized are as follows:
 
 
For the years ended December 31,
 
 
2011
 
2010
 
2009
Stock compensation expense
 
$
44,278

 
$
43,743

 
$
39,135

Recognized tax benefit
 
$
156

 
$
187

 
$
258