The Company increased its quarterly common stock dividend from 27.5 cents per share to 30.0 cents, effective with the dividend payment in December 1999. The Company repurchased 0.4 million shares on the open market at an aggregate purchase price of $16 million in  2000, 0.7 million shares on the open market at an aggregate  purchase price of $34 million in 1999 and 0.4 million shares  on the open market at an aggregate purchase price of  $14 million in 1998. All of the acquired shares are held as common stock in treasury. The Company has a ShareholdersGLYPH<213> Rights Plan which it first adopted in 1986. The Rights Plan provides that each share of the CompanyGLYPH<213>s common stock has associated with it a stock purchase right. The Rights Plan becomes operative when a person or entity acquires 15 percent of the CompanyGLYPH<213>s common stock or commences a tender offer to purchase 20 percent or more of the CompanyGLYPH<213>s common stock without the approval of the Board of Directors. Under the CompanyGLYPH<213>s stock incentive and option plans, officers and other eligible employees may be awarded stock options, stock appreciation rights and restricted stock. Under the provi- sions of the stock incentive plan, up to one percent of the CompanyGLYPH<213>s outstanding shares of common stock at the end of the preceding year is available for issuance under the plan each year. At December 31, 2000, there were no shares of common stock available for grant and 2,319,080 options exer- cisable under the plans. Note 14. Employee Stock Plans: Note 13. Shareholders’ Rights Plan: Note 12. Common Stock: Options outstanding at December 31, 2000, have exercise prices between $19.38 and $79.81 and a weighted-average remaining life of 6.8 years. The weighted-average fair value of options granted was $12.58 per share in 2000 and $13.76 per share in 1999. The fair value of each option was estimated on the date of grant using a risk-free interest rate of 6.5 percent in 2000 and 5.6 percent in 1999 and 1998, current annual dividends, expected lives of 10 years and expected volatility of 41 percent. A fair-value method of accounting for awards sub- sequent to January 1, 1998, would have resulted in an increase in compensation expense of $8 million, net of tax ($.20 per share) in 2000. $8 million, net of tax ($.20 per share) in 1999 and $8 million, net of tax ($.20 per share) in 1998. The Company accounts for stock options in accordance with APB Opinion No. 25 and related interpretations. No compensa- tion expense has been recognized for stock options since the options have exercise prices equal to the market price of the CompanyGLYPH<213>s common stock at the date of grant. 32 Dec. 31, 1997  1,920,850 46.08 Granted 703,660 45.34 Exercised (54,075) 36.36 Cancelled (27,425) 53.80 Dec. 31, 1998 2,543,010 48.08 Granted 886,900 39.74 Exercised (196,500) 39.71 Cancelled (40,275) 43.99 Dec. 31, 1999  3,193,135 46.65 Granted 938,750 34.39 Exercised (11,900) 30.27 Cancelled (114,355) 51.39  Dec. 31, 2000  4,005,630 44.43  Weighted-average Exercise Price Options Number of Shares