Components of Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Components of Equity

Components of Equity

The components of equity for the three months ended March 31,2017 and 2016 are as follows:

	Shareholders’ equity			Noncontrolling interest		Total equity
Balance at December 31, 2016	$	1,844,638		2,575		1,847,213
Exercise of stock options	45,365			—		45,365
Shares repurchased under provisions of stock repurchase plans	(53,908		)	—		(53,908	)
Stock compensation expense	10,623			—		10,623
Net earnings	93,264			303		93,567
Other comprehensive income (loss)	8,914			(54	)	8,860
Balance at March 31, 2017	$	1,948,896		2,824		1,951,720
Balance at December 31, 2015	$	1,691,993		2,683		1,694,676
Exercise of stock options	41,635			—		41,635
Shares repurchased under provisions of stock repurchase plans	(70,292		)	—		(70,292	)
Stock compensation expense	10,831			—		10,831
Tax benefits from stock plans, net	(966		)	—		(966	)
Net earnings	96,584			463		97,047
Other comprehensive income	9,466			114		9,580
Balance at March 31, 2016	$	1,779,251		3,260		1,782,511

The Company has a Non-Discretionary Stock Repurchase Plan to repurchase shares from the proceeds of stock option exercises and employee stock purchases. During the three-month periods ended March 31, 2017 and 2016, 954 and 423 shares were repurchased at an average price of $56.49 and $47.60 per share, respectively.

The Company also has a Discretionary Stock Repurchase Plan approved by the Board of Directors that authorizes management to reduce issued and outstanding stock down to 170 million shares of common stock. No shares were purchased during the three-month period ended March 31, 2017, and 1,048 shares were repurchased at an average price of $47.87 per share during the first quarter of 2016.

Accumulated other comprehensive loss consisted entirely of foreign currency translation adjustments, net of related income tax effects, for all the periods presented.

Subsequent to the end of the first quarter, on May 2, 2017, the Board of Directors declared a semi-annual dividend of $0.42 per share payable on June 15, 2017 to shareholders of record as of June 1, 2017.