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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2015
STOCK-BASED COMPENSATION |
Weighted-average assumptions used to estimate fair value of stock options granted |
Stock Awards Plans: |  |  |  |  |
Nine months ended September 30, |  | 2015 |  | 2014 |
Dividend Yield |  | 1.7 | % | 1.7 | %
Expected Stock Price Volatility |  | 21.9 | % | 22.1 | %
Risk-free Interest Rate |  | 1.6 | % | 2.3 | %
Expected Life of Option (years) |  | 6.9 |  | 6.9 |
There were no grants under the Director Stock Option Plan during the third quarter of 2015 as this plan was cancelled and replaced by the Director Restricted Stock Unit Plan. The fair value of stock options granted under the Director Stock Option Plan during the second quarter of 2014 was $14.07. These values were estimated on the respective date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Director Stock Option Plans: |  |  |  |  |
Nine months ended September 30, |  |  |  | 2014 |
Dividend Yield |  |  |  | 1.8 | %
Expected Stock Price Volatility |  |  |  | 22.2 | %
Risk-free Interest Rate |  |  |  | 2.2 | %
Expected Life of Option (years) |  |  |  | 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, 2015 |  | 8,107,806 |  | $ | 46.74 |  | 368,668 |  | $ | 53.52 |
Granted |  | 1,391,355 |  | 64.60 |  | -- |  | -- |
Exercised |  | (1,077,180 | ) | 36.12 |  | (62,001 | ) | 40.67 |
Forfeited or expired |  | (43,648 | ) | 61.85 |  | -- |  | -- |
Outstanding at September 30, 2015 |  | 8,378,333 |  | $ | 51.00 |  | 306,667 |  | $ | 56.11 |
Exercisable at September 30, 2015 |  | 5,666,597 |  | $ | 44.94 |  | 224,325 |  | $ | 53.41 |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |
Outstanding at September 30, 2015 |  | 6.2 |  |  |  | 7.1 |  |  |
Exercisable at September 30, 2015 |  | 5.0 |  |  |  | 6.7 |  |  |
Aggregate Intrinsic Value ($000): |  |  |  |  |  |  |  |  |
Outstanding at September 30, 2015 |  | $ | 128,066 |  |  |  | $ | 3,080 |  |  |
Exercisable at September 30, 2015 |  | $ | 120,010 |  |  |  | $ | 2,840 |  |  |
Intrinsic Value of Options Exercised ($000) During the Nine Months Ended: |  |  |  |  |
September 30, 2015 |  | $ | 31,920 |  |  |  | $ | 1,449 |  |  |
September 30, 2014 |  | $ | 22,386 |  |  |  | $ | 741 |  |  |
Summary of restricted stock unit activity |
|  |  |  |  |  | Director Restricted |
|  | Stock Awards Plans |  | Stock Unit Plan |
|  |  |  | Weighted Average |  |  |  | Weighted Average |
|  | Shares |  | Grant-Date Fair Value |  | Shares |  | Grant-Date Fair Value |
Nonvested at January 1, 2015 |  | 61,750 |  | $ | 64.09 |  | -- |  | $ | -- |
Granted |  | 11,448 |  | 65.87 |  | 18,857 |  | 63.10 |
Vested |  | (13,331 | ) | 56.75 |  | -- |  | -- |
Nonvested at September 30, 2015 |  | 59,867 |  | $ | 66.06 |  | 18,857 |  | $ | 63.10 |

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- Definition 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 -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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