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STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2013
STOCK-BASED COMPENSATION  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

 

 

 

Stock Awards Plans:

 

 

 

 

 

Six months ended June 30,

 

2013

 

2012

 

 

 

 

 

 

 

Dividend Yield

 

1.8

%

1.8

%

Expected Stock Price Volatility

 

22.7

%

22.9

%

Risk-free Interest Rate

 

1.2

%

1.3

%

Expected Life of Option (years)

 

6.9

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Director Stock Option Plans:

 

 

 

 

 

Six months ended June 30,

 

2013

 

2012

 

 

 

 

 

 

 

Dividend Yield

 

1.9

%

1.7

%

Expected Stock Price Volatility

 

23.0

%

22.5

%

Risk-free Interest Rate

 

1.3

%

1.3

%

Expected Life of Option (years)

 

6.9

 

6.9

 

 

Summary of option activity

 

 

 

 

 

Stock Awards Plans

 

Director Stock Option Plans

 

 

 

 

 

Weighted Average

 

 

 

Weighted Average

 

 

 

Shares

 

Exercise Price

 

Shares

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2013

 

7,879,197

 

$

37.27

 

276,667

 

$

45.48

 

Granted

 

1,335,300

 

51.57

 

85,500

 

56.49

 

Exercised

 

(1,065,594

)

27.96

 

(18,500

)

41.11

 

Forfeited or expired

 

(33,527

)

46.03

 

--

 

--

 

Outstanding at June 30, 2013

 

8,115,376

 

$

40.81

 

343,667

 

$

48.46

 

Exercisable at June 30, 2013

 

5,579,645

 

$

36.13

 

175,834

 

$

42.44

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

 

Outstanding at June 30, 2013

 

6.5

 

 

 

8.0

 

 

 

Exercisable at June 30, 2013

 

5.3

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate Intrinsic Value ($000):

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2013

 

$

116,880

 

 

 

$

2,430

 

 

 

Exercisable at June 30, 2013

 

$

106,473

 

 

 

$

2,245

 

 

 

 

 

 

 

 

 

 

 

 

 

Intrinsic Value of Options Exercised ($000) During the Six Months Ended:

 

 

 

 

 

June 30, 2013

 

$

28,188

 

 

 

$

285

 

 

 

June 30, 2012

 

$

25,101

 

 

 

$

509

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

 

Shares

 

Grant-Date Fair Value

 

 

 

 

 

 

 

Nonvested at January 1, 2013

 

25,862

 

$

48.76

 

Granted

 

9,948

 

53.94

 

Vested

 

(11,208

)

44.27

 

Nonvested at June 30, 2013

 

24,602

 

$

52.90