Share-Based Compensation and Equity

Stock Options

Stock option activity for the three months ended March 30, 2019 was as follows:



(In thousands, except per share data)	Number of Shares		Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted-Average Remaining Contractual Term (Yrs)

Outstanding at beginning of year	21,792		$	52.31
Granted	39		55.28
Exercised	(750	)	19.16
Forfeited and expired	(329	)	62.92
Outstanding as of March 30, 2019	20,752		53.34		$	138,631	6.12

Exercisable as of March 30, 2019	10,663		$	46.77	$	131,285	4.40

The weighted-average assumptions used to estimate the fair value, under the Black-Scholes-Merton pricing model, of stock options granted during the three months ended March 30, 2019 were as follows:



Expected volatility (%)	26.1		%
Expected dividend rate (%)	1		%
Expected term (yrs)	7
Risk-free rate (%)	2.6		%
Fair value per option	$	15.62

As of March 30, 2019, there was $132 million of total unrecognized compensation cost related to stock options granted under all plans. That cost is expected to be recognized over a weighted-average period of 3.08 years.

Non-vested Shares and Share Units

Non-vested share and share unit activity for the three months ended March 30, 2019 was as follows:



(In thousands, except per share data)	Number of Shares		Weighted-Average Grant Date Fair Value

Outstanding at beginning of year	882		$	62.82
Granted	10		54.47
Vested	(4	)	59.22
Forfeited	(6	)	59.62

Outstanding as of March 30, 2019	882		$	62.76

As of March 30, 2019, there was $26 million of total unrecognized compensation cost related to non-vested share and share unit awards granted under all plans. That cost is expected to be recognized over a weighted-average period of 1.84 years.

Share-Based Compensation Cost

The following table presents total compensation expense recognized with respect to stock options, non-vested shares and share units, and our associate stock purchase plan:



	Three Months Ended
(In thousands)	2019		2018

Stock option and non-vested share and share unit compensation expense	$	19,860	$	24,935
Associate stock purchase plan expense	1,542		1,362
Amounts capitalized in software development costs, net of amortization	187		160

Amounts charged against earnings, before income tax benefit	$	21,589	$	26,457

Amount of related income tax benefit recognized in earnings	$	4,201	$	5,300

Treasury Stock

In May 2018, our Board of Directors approved an amendment to our share repurchase program that allowed for the Company to repurchase up to an aggregate $1.0 billion of shares of our common stock, excluding transaction costs. In April 2019, our Board of Directors approved a further amendment to this share repurchase program. Under this new amendment, the Company is authorized to repurchase up to an additional $1.2 billion of shares of our common stock, for an aggregate of $2.2 billion, excluding transaction costs. The repurchases are to be effected in the open market, by block purchase, in privately negotiated transactions, or through other transactions managed by broker-dealers. No time limit was set for the completion of the program. As of the date of this filing, $1.5 billion remains available for repurchase under the amended program.