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Components of Equity
 6 Months Ended
Jun. 30, 2014
Stockholders' Equity Note [Abstract]  
Components of Equity
Components of Equity
The components of equity for the six months ended June 30, 2014 and 2013 are as follows:
 
Shareholders’
equity
 
Noncontrolling
interest
 
Total
equity
Balance at December 31, 2013
$
2,084,783

 
1,548

 
2,086,331

Exercise of stock options
30,017

 
—

 
30,017

Shares repurchased under provisions of stock repurchase plans
(358,116
)
 
—

 
(358,116
)
Stock compensation expense
22,171

 
—

 
22,171

Tax benefits from stock plans, net
984

 
—

 
984

Net earnings
175,126

 
797

 
175,923

Other comprehensive income
2,656

 
63

 
2,719

Dividends paid ($0.32 per share)
(62,807
)
 
—

 
(62,807
)
Distributions to noncontrolling interest
—

 
(85
)
 
(85
)
Balance at June 30, 2014
$
1,894,814

 
2,323

 
1,897,137

 
 
 
 
 
 
Balance at December 31, 2012
$
2,027,699

 
4,871

 
2,032,570

Exercise of stock options
18,477

 
—

 
18,477

Shares repurchased under provisions of stock repurchase plans
(39,281
)
 
—

 
(39,281
)
Stock compensation expense
22,045

 
—

 
22,045

Tax benefits from stock plans, net
1,516

 
—

 
1,516

Net earnings
172,630

 
643

 
173,273

Other comprehensive loss
(20,839
)
 
(187
)
 
(21,026
)
Dividends paid ($0.30 per share)
(61,899
)
 
—

 
(61,899
)
Purchase of noncontrolling interest
(507
)
 
(3,226
)
 
(3,733
)
Balance at June 30, 2013
$
2,119,841

 
2,101

 
2,121,942


The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises. During the six months ended June 30, 2014, 651,982 shares were repurchased at an average price of $44.26 per share. The Company also has a Discretionary Stock Repurchase Plan that was amended by the Board of Directors on February 24, 2014 to authorize management to reduce issued and outstanding stock to 190 million shares of common stock. During the six months ended June 30, 2014, 7,947,500 shares were repurchased at an average price of $41.43 per share.
Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.
On May 7, 2014, the Board of Directors declared a semi-annual cash dividend of $0.32 per share payable on June 16, 2014 to shareholders of record as of June 2, 2014. On May 1, 2013, the Board of Directors declared a semi-annual cash dividend of $0.30 per share payable on June 17, 2013 to shareholders of record as of June 3, 2013.