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STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2015
STOCK-BASED COMPENSATION  
Schedule of weighted-average assumptions used to estimate the fair value of options granted

 

 

 

Three-Months Ended September 30,

 

Nine-Months Ended September 30,

 

 

2015

 

2014¹

 

2015

 

2014

Dividend yield

 

0.0%

 

-

 

0.0%

 

0.0%

Expected volatility

 

36.7%

 

-

 

37.1%

 

42.4%

Risk-free interest rate

 

1.5%

 

-

 

1.6%

 

1.6%

Expected term

 

6.1 years

 

-

 

5.8 years

 

5.8 years

 

¹ No options were granted during the three-months ended September 30, 2014.

Summary of Company's activities with respect to its stock option plans

Options

 

Number of
Shares (In
thousands)

 

Weighted-
Average
Exercise
Price Per
Share

 

Weighted-
Average
Remaining
Contractual
Term (In
years)

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2015

 

13,066

 

 $

19.73

 

3.1

 

 $

1,158,412

 

Granted 01/01/15 - 03/31/15

 

903

 

 $

133.68

 

 

 

 

 

Granted 04/01/15 - 06/30/15

 

33

 

 $

133.43

 

 

 

 

 

Granted 07/01/15 - 09/30/15

 

56

 

 $

135.00

 

 

 

 

 

Exercised

 

(7,153)

 

 $

6.11

 

 

 

 

 

Cancelled or forfeited

 

(73)

 

 $

64.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2015

 

6,832

 

 $

50.05

 

5.8

 

 $

581,663

 

Vested and expected to vest in the

 

 

 

 

 

 

 

 

 

future at September 30, 2015

 

6,428

 

 $

47.00

 

5.6

 

 $

566,879

 

Exercisable at September 30, 2015

 

4,005

 

 $

23.74

 

4.0

 

 $

446,159

 

 

Summary of Company's activities with respect to non-vested restricted stock awards and non-vested restricted stock units

 

 

 

Number of
Shares (in
thousands)

 

Weighted
Average
Grant-Date
Fair Value

 

Non-vested at January 1, 2015

 

149

 

 $

61.09

 

Granted 01/01/15 - 03/31/15

 

83

 

 $

135.48

 

Granted 04/01/15 - 06/30/15

 

-

 

 $

-

 

Granted 07/01/15 - 09/30/15

 

8

 

 $

147.36

 

Vested

 

(43)

 

 $

57.57

 

Forfeited/cancelled

 

(14)

 

 $

63.57

 

 

 

 

 

 

 

 

Non-vested at September 30, 2015

 

183

 

 $

98.95