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STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2022

STOCK PLANS

Summary of stock option activity

The following table summarizes stock option activity for the year ended December 31, 2022 under all Plans:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	Number of	​	Exercise
​		Options		Price
Balance at beginning of year		1,068,224	​	$	86.28
Options granted		145,213	​		128.19
Options exercised		(94,234)	​		75.16
Options canceled	​	(591)	​	​	47.91
Options forfeited	​	(1,253)	​	​	89.63
Balance at end of year		1,117,359	​		93.31
Exercisable at end of year		800,353	​		84.22

​

Weighted average assumptions used for estimating fair value of options granted

​

​	​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
Expected volatility		​	27.14	%	​	28.01	%	​	25.80	%
Dividend yield		​	1.84	%	​	2.17	%	​	2.51	%
Risk-free interest rate		​	1.94	%	​	0.55	%	​	1.41	%
Expected option life (years)		​	4.7		​	4.7		​	4.6	​
Weighted average fair value per option granted during the year	​	$	27.42	​	$	21.70	​	$	15.97	​

Summary of nonvested stock options

The following table summarizes non-vested stock options for the year ended December 31, 2022:

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	Number of	​	Fair Value at
​		Options		Grant Date
Balance at beginning of year		341,253	​	$	19.11
Granted		145,213	​		27.42
Vested		(167,616)	​		18.41
Canceled	​	(591)	​	​	15.91
Forfeited	​	(1,253)	​	​	15.97
Balance at end of year		317,006	​		13.93

​

Summary of information about awards outstanding, by exercise price range

The following table summarizes information about awards outstanding as of December 31, 2022:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding

​

Exercisable

​

​

​

​

Weighted

​

Weighted

​

​

​

Weighted

​

Weighted

​

​

Number of

​

Average

​

Average

​

Number of

​

Average

​

Average

​

​

Stock

​

Exercise

​

Remaining

​

Stock

​

Exercise

​

Remaining

Exercise Price Range

Options

Price

Life (years)

Options

Price

Life (years)

Under $49.99

—

​

$

—

—

—

​

$

—

—

$50.00 - $59.99

119,681

​

58.13

3.10

119,681

​

58.13

3.10

Over $60.00

997,678

​

97.53

6.30

680,672

​

88.80

5.40

​

1,117,359

​

​

​

6.00

800,353

​

​

​

5.00

​

Summary of RSU and PSU activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2022 under all Plans:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	Number of	​	Grant Date
​		Units		Fair Value
Balance at beginning of year		403,826	​	$	98.65
Units granted		139,733	​		129.75
Units vested		(140,013)	​		91.70
Units forfeited		(12,474)	​		109.59
Balance at end of year		391,072	​		111.90

​

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