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SHARE-BASED COMPENSATION AND BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2014

Summary of Stock Option Activity

The following is a summary of stock option activity under the 2014 Plan and the 2001 Plan as of and for the year ended December 31, 2014:

		Options				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Term (in years)				Aggregate Intrinsic Value
Options outstanding at December 31, 2013			267,700			$	65.30
Granted			50,000				97.34
Exercised			(64,000	)			58.53
Forfeited			(11,250	)			68.49
Expired			(1,000	)			60.40
Options outstanding at December 31, 2014			241,450			$	73.62				2.47			$	8,060
Options exercisable at December 31, 2014			82,533			$	62.69				1.46			$	3,657

Summary of Non-Vested (Restricted) Stock Activity

The following is a summary of non-vested (restricted) stock activity as of and for the year ended December 31, 2014:

		Shares				Weighted- Average Grant Date Fair Value
Non-vested (restricted) stock outstanding at December 31, 2013			2,487,292			$	40.70
Granted			218,725				96.84
Vested			(57,300	)			45.71
Forfeited			(5,000	)			56.69
Non-vested (restricted) stock outstanding at December 31, 2014			2,643,717			$	45.21

Valuation Assumptions Used for Stock Option Awards

The following table presents the weighted-average assumptions used for stock options granted:

Years Ended December 31,		2014				2013				2012
Expected term in years			4.25				4.25				4.25
Risk-free interest rate			1.35	%			0.82	%			0.57	%
Expected volatility			22.07	%			24.56	%			31.40	%
Expected dividend yield			1.69	%			2.20	%			3.49	%
Grant date fair value		$	15.75			$	13.33			$	12.90

Share-Based Compensation Expense

The following table provides information on share-based compensation expense:

Years Ended December 31,		2014				2013				2012
Stock options		$	801			$	884			$	846
Non-vested (restricted) stock			10,672				9,083				7,093
Share-based compensation expense		$	11,473			$	9,967			$	7,939

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

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