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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2014

STOCK-BASED COMPENSATION

Weighted-average assumptions used to estimate fair value of stock options granted

Stock Awards Plans:
Nine months ended September 30,		2014		2013
Dividend Yield		1.7	%	1.8	%
Expected Stock Price Volatility		22.1	%	22.7	%
Risk-free Interest Rate		2.3	%	1.3	%
Expected Life of Option (years)		6.9		6.9

The fair value of stock options granted under the Director Stock Option Plan was $14.07 and $10.89 per share during the first nine months of 2014 and 2013, respectively.  These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Director Stock Option Plans:
Nine months ended September 30,		2014		2013
Dividend Yield		1.8	%	1.9	%
Expected Stock Price Volatility		22.2	%	23.0	%
Risk-free Interest Rate		2.2	%	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, 2014		7,815,932			$	41.26		313,834			$	48.85
Granted		1,379,850			67.93			95,000			66.59
Exercised		(665,671		)	32.23			(40,166		)	47.96
Forfeited or expired		(31,417		)	49.86			--			--
Outstanding at September 30, 2014		8,498,694			$	46.27		368,668			$	53.52
Exercisable at September 30, 2014		5,832,623			$	39.94		188,159			$	45.98
Weighted-Average Remaining Contractual Term (Years):
Outstanding at September 30, 2014		6.1						7.5
Exercisable at September 30, 2014		5.0						6.1
Aggregate Intrinsic Value:
Outstanding at September 30, 2014		$	132,612					$	3,208
Exercisable at September 30, 2014		$	121,124					$	2,769
Intrinsic Value of Options Exercised During the Nine Months Ended:
September 30, 2014		$	22,386					$	741
September 30, 2013		$	33,123					$	732

Summary of restricted stock unit activity

				Weighted-Average
		Shares		Grant-Date Fair Value
Nonvested at January 1, 2014		25,681		$	53.49
Granted		47,671		67.08
Vested		(11,602	)	52.96
Nonvested at September 30, 2014		61,750		$	64.09

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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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.

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-Name Accounting Standards Codification

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