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STOCK PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
STOCK PLANS |
Summary of stock option activity | The following table summarizes stock option activity for the year ended December 31, 2023 under all Plans: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Exercise
​ |  | Options |  | Price
Balance at beginning of year |  | 1,117,359 | ​ | $ | 93.31
Options granted |  | 102,292 | ​ |  | 178.15
Options exercised |  | (299,682) | ​ |  | 118.17
Options canceled | ​ | (350) | ​ | ​ | 63.08
Options forfeited | ​ | — | ​ | ​ | —
Balance at end of year |  | 919,619 | ​ |  | 108.85
Exercisable at end of year |  | 671,164 | ​ |  | 95.20
Weighted average assumptions used for estimating fair value of options granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Expected volatility |  | ​ | 27.63 | % | ​ | 27.14 | % | ​ | 28.01 | %
Dividend yield |  | ​ | 1.59 | % | ​ | 1.84 | % | ​ | 2.17 | %
Risk-free interest rate |  | ​ | 4.04 | % | ​ | 1.94 | % | ​ | 0.55 | %
Expected option life (years) |  | ​ | 4.8 |  | ​ | 4.7 |  | ​ | 4.7 | ​
Weighted average fair value per option granted during the year | ​ | $ | 46.94 | ​ | $ | 27.42 | ​ | $ | 21.70 | ​
Summary of nonvested stock options | The following table summarizes non-vested stock options for the year ended December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | Number of | ​ | Fair Value at
​ |  | Options |  | Grant Date
Balance at beginning of year |  | 317,006 | ​ | $ | 13.93
Granted |  | 102,292 | ​ |  | 46.94
Vested |  | (170,493) | ​ |  | 21.61
Canceled | ​ | (350) | ​ | ​ | 18.34
Forfeited | ​ | — | ​ | ​ | —
Balance at end of year |  | 248,455 | ​ |  | 28.36
Summary of information about awards outstanding, by exercise price range | The following table summarizes information about awards outstanding as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 |  | 18,371 | ​ |  | 58.17 |  | 2.11 |  | 18,371 | ​ |  | 58.17 |  | 2.11
Over $60.00 |  | 901,248 | ​ |  | 109.88 |  | 6.35 |  | 652,793 | ​ |  | 96.24 |  | 5.60
​ |  | 919,619 | ​ | ​ | ​ |  | 6.27 |  | 671,164 | ​ | ​ | ​ |  | 5.50
Summary of RSU and PSU activity | The following table summarizes RSU and PSU activity for the year ended December 31, 2023 under all Plans: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | Number of | ​ | Grant Date
​ |  | Units |  | Fair Value
Balance at beginning of year |  | 391,072 | ​ | $ | 111.90
Units granted |  | 130,831 | ​ |  | 180.04
Units vested |  | (177,048) | ​ |  | 95.90
Units forfeited |  | (5,414) | ​ |  | 139.14
Balance at end of year |  | 339,441 | ​ |  | 140.50

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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