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STOCK PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of stock option activity | The following table summarizes stock option activity for the year ended December 31, 2019 under all Plans:
|  | Number of Options |  | Weighted Average Exercise Price
Balance at beginning of year |  | 1,431,038 |  |  | $ | 63.19 |
Options granted |  | 201,881 |  |  | 88.44 |
Options exercised |  | (314,629 | ) |  | 45.60 |
Balance at end of year |  | 1,318,290 |  |  | 71.25 |
Exercisable at end of year |  | 943,715 |  |  | 64.34 |
Weighted average assumptions used for estimating fair value of options granted | The weighted average assumptions for each of the three years ended December 31 were as follows:
|  | 2019 |  | 2018 |  | 2017
Expected volatility |  | 25.98 | % |  | 25.36 | % |  | 25.77 | %
Dividend yield |  | 2.42 | % |  | 1.92 | % |  | 1.62 | %
Risk-free interest rate |  | 2.49 | % |  | 2.69 | % |  | 1.90 | %
Expected option life (years) |  | 4.6 |  |  | 4.6 |  |  | 4.5 |
Weighted average fair value per option granted during the year |  | $ | 17.46 |  |  | $ | 18.97 |  |  | $ | 17.50 |
Summary of nonvested stock options | The following table summarizes non-vested stock options for the year ended December 31, 2019:
|  | Number of Options |  | Weighted Average Fair Value at Grant Date
Balance at beginning of year |  | 360,444 |  |  | $ | 17.21 |
Granted |  | 201,881 |  |  | 17.46 |
Vested |  | (187,750 | ) |  | 16.04 |
Balance at end of year |  | 374,575 |  |  | 17.93 |
Summary of information about awards outstanding, by exercise price range | The following table summarizes information about awards outstanding as of December 31, 2019:
|  | Outstanding |  | Exercisable
Exercise Price Range |  | Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (years) |  | Number of Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life (years)
Under $49.99 |  | 219,050 |  |  | $ | 42.31 |  |  | 2.3 |  | 219,050 |  |  | $ | 42.31 |  |  | 2.3
$50.00 - $59.99 |  | 192,609 |  |  | 58.11 |  |  | 6.1 |  | 192,609 |  |  | 58.11 |  |  | 6.1
Over $60.00 |  | 906,631 |  |  | 81.04 |  |  | 6.8 |  | 532,056 |  |  | 75.67 |  |  | 5.5
|  | 1,318,290 |  |  |  |  |  | 5.9 |  | 943,715 |  |  |  |  |  | 4.9
Summary of restricted share award activity | The following table summarizes restricted share award activity for the year ended December 31, 2019 under all Plans:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value
Balance at beginning of year |  | 12,438 |  |  | $ | 80.98 |
Shares vested |  | (12,438 | ) |  | 94.71 |
Balance at end of year |  | — |  |  | — |
Summary of restricted stock unit activity | The following table summarizes RSU and PSU activity for the year ended December 31, 2019 under all Plans:
|  | Number of Units |  | Weighted Average Grant Date Fair Value
Balance at beginning of year |  | 506,030 |  |  | $ | 75.69 |
Units granted |  | 170,857 |  |  | 87.55 |
Units vested |  | (186,224 | ) |  | 60.69 |
Units forfeited |  | (9,534 | ) |  | 82.30 |
Balance at end of year |  | 481,129 |  |  | 85.58 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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