v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
(3) Stockholders' Equity
Dividends
On October 13, 2026, our board of directors declared a quarterly dividend of $0.26 per share of common stock to be paid in cash on November 25, 2026 to shareholders of record at the close of business on October 28, 2026.
The following table presents the cash dividends either paid previously or declared by our board of directors for future payment on a per share basis during 2026 and 2025:
20262025
First quarter$0.240 $0.215 
Second quarter0.240 0.220 
Third quarter0.260 0.220 
Fourth quarter0.260 0.220 
Total$1.000 $0.875 
Stock Options
The following tables summarize the details of options granted under our stock option plans that were outstanding as of September 30, 2026, and the assumptions used to value those grants. All such grants were effective at the close of business on the grant date.
Options
Granted		Option Exercise
Price		Closing Stock Price on Grant DateSeptember 30, 2026
Grant DateOptions
Outstanding		Options
Exercisable
January 2, 20261,508,081 $41.00 $40.440 1,429,866 169,011 
January 2, 20251,366,636 $36.00 $35.555 1,179,969 271,975 
January 2, 20241,629,824 $32.00 $31.775 1,303,903 485,773 
January 3, 20232,143,886 $24.00 $23.700 1,431,561 719,509 
January 3, 20221,426,876 $31.00 $30.990 857,731 585,625 
January 4, 20211,483,020 $24.00 $23.825 733,683 617,611 
January 2, 20201,804,526 $19.00 $18.615 669,769 567,753 
January 2, 20192,633,848 $13.00 $12.853 442,330 372,414 
January 2, 20182,175,872 $13.75 $13.635 224,977 224,977 
January 3, 20173,059,156 $11.75 $11.738 50,189 50,189 
Total19,231,725 8,323,978 4,064,837 
Grant DateRisk-free
Interest Rate		Expected Life
of Option in
Years		Expected
Dividend
Yield		Expected
Stock
Volatility		Estimated Fair
Value of Stock
Option
January 2, 20263.7%5.002.2%23.79%$8.52 
January 2, 20254.3%5.002.2%27.36%$8.86 
January 2, 20243.8%5.002.2%28.44%$7.94 
January 3, 20234.0%5.002.6%29.58%$5.81 
January 3, 20221.3%5.001.7%28.52%$6.84 
January 4, 20210.4%5.002.0%29.17%$4.79 
January 2, 20201.7%5.002.4%25.70%$3.41 
January 2, 20192.5%5.002.9%23.96%$2.20 
January 2, 20182.2%5.002.3%23.45%$2.51 
January 3, 20171.9%5.002.6%24.49%$2.10 
All of the options in the tables above vest and become exercisable over a period of up to eight years. Each option will terminate approximately 10 years after the grant date.
The fair value of each share-based option is estimated on the grant date using a Black-Scholes valuation method that uses the assumptions listed above. The risk-free interest rate is based on the U.S. Treasury rate over the expected life of the option at the time of grant. The expected life is the average length of time over which we expect the employee groups will exercise their options, net of cancellations, which is based on historical experience with similar grants. The dividend yield is estimated over the expected life of the option based on our current dividend payout, historical dividends paid, and expected future cash dividends. Expected stock volatility is based on the movement of our stock price over the most recent historical period equivalent to the expected life of the option.
Compensation expense equal to the grant date fair value is recognized for all of these awards over the vesting period. The stock-based compensation expense for the nine-month periods ended September 30, 2026 and 2025 was $7.8 and $6.2, respectively, and for the third quarter of 2026 and 2025 was $2.6 and $2.1, respectively. Unrecognized stock-based compensation expense related to outstanding unvested stock options as of September 30, 2026 was $22.4 and is expected to be recognized over a weighted average period of 3.67 years. Any future changes in estimated forfeitures will impact this amount.
Net Income Per Share
The following tables present a reconciliation of the denominators used in the computation of basic and diluted net income per share and a summary of the options to purchase shares of common stock which were excluded from the diluted net income per share calculation because they were anti-dilutive:
Nine-month PeriodThree-month Period
Reconciliation2026202520262025
Basic weighted average shares outstanding1,147,628,672 1,147,437,856 1,147,190,302 1,147,871,234 
Weighted shares assumed upon exercise of stock options2,799,555 2,814,160 2,912,053 3,165,397 
Diluted weighted average shares outstanding1,150,428,227 1,150,252,016 1,150,102,355 1,151,036,631 
Nine-month PeriodThree-month Period
Summary of Anti-dilutive Options Excluded2026202520262025
Options to purchase shares of common stock1,262,311 1,188,640 55,459 — 
Weighted average exercise prices of options$41.00 36.00 $41.00 — 
Any dilutive impact summarized above related to periods when the average market price of our stock exceeded the exercise price of the potentially dilutive stock options then outstanding.