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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

STOCK-BASED COMPENSATION

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

Stock Awards Plans: Years ended December 31,		2014			2013			2012
Dividend Yield			1.7%			1.8%			1.8%
Expected Stock Price Volatility			22.2%			22.7%			22.9%
Risk-free Interest Rate			2.3%			1.3%			1.3%
Expected Life of Option (years)			6.9			6.9			6.9

Director Stock Option Plans: Years ended December 31,		2014			2013			2012
Dividend Yield			1.8%			1.9%			1.7%
Expected Stock Price Volatility			22.2%			23.0%			22.5%
Risk-free Interest Rate			2.2%			1.3%			1.3%
Expected Life of Option (years)			6.9			6.9			6.9

Summary of option activity

		Stock Awards Plans						Director Stock Option Plans
		Shares			Weighted Average Exercise Price			Shares			Weighted Average 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			(1,028,676	)		33.23			(40,166	)		47.96
Forfeited or expired			(59,300	)		51.46			—			—
Outstanding at December 31, 2014			8,107,806		$	46.74			368,668		$	53.52
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Exercisable at December 31, 2014			5,468,032		$	40.26			188,159		$	45.98
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Weighted-Average Remaining Contractual Term (Years):
Outstanding at December 31, 2014			6.0									7.3
Exercisable at December 31, 2014			4.8									5.9
Aggregate Intrinsic Value:
Outstanding at December 31, 2014		$	164,487								$	4,912
Exercisable at December 31, 2014		$	145,338								$	3,924
Intrinsic Value of Options Exercised During the Years Ended:
December 31, 2014		$	33,059								$	741
December 31, 2013		$	37,822								$	732
December 31, 2012		$	42,226								$	1,674

Summary of restricted stock unit activity

		Shares			Weighted-Average 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 December 31, 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

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-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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