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STOCK-BASED COMPENSATION (Tables) | 3 Months Ended
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Mar. 31, 2017
STOCK-BASED COMPENSATION |
Weighted-average assumptions used to estimate fair value of stock options granted |
Stock Awards Plans: |  |  |  |  |
Three Months Ended March 31, |  | 2017 |  | 2016 |
Dividend Yield |  | 1.7 | % | 1.8 | %
Expected Stock Price Volatility |  | 15.8 | % | 16.9 | %
Risk-free Interest Rate |  | 2.2 | % | 1.6 | %
Expected Life of Option (years) |  | 6.7 |  | 6.7 |
Summary of option activity |
|  | Stock Awards Plans |  | Director Stock Option Plans |
|  |  |  |  | Weighted Average |  |  |  | Weighted Average |
|  |  | Options |  | Exercise Price |  | Options |  | Exercise Price |
Outstanding, January 1, 2017 |  |  | 8,070,444 |  | $ | 56.36 |  | 281,334 |  | $ | 56.45 |
Granted |  |  | 1,607,773 |  |  | 74.79 |  | — |  |  | — |
Exercised |  |  | (452,677) |  |  | 40.41 |  | — |  |  | — |
Forfeited or expired |  |  | (12,357) |  |  | 69.22 |  | — |  |  | — |
Outstanding at March 31, 2017 |  |  | 9,213,183 |  | $ | 60.35 |  | 281,334 |  | $ | 56.45 |
Exercisable at March 31, 2017 |  |  | 6,198,605 |  | $ | 54.63 |  | 255,998 |  | $ | 55.44 |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2017 |  |  | 6.7 |  |  |  |  | 5.7 |  |  |  |
Exercisable at March 31, 2017 |  |  | 5.5 |  |  |  |  | 5.5 |  |  |  |
Aggregate Intrinsic Value: |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2017 |  | $ | 154,089 |  |  |  | $ | 5,802 |  |  |  |
Exercisable at March 31, 2017 |  | $ | 139,129 |  |  |  | $ | 5,536 |  |  |  |
Intrinsic Value of Options Exercised During the Three Months Ended: |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2017 |  | $ | 15,289 |  |  |  | $ | — |  |  |  |
March 31, 2016 |  | $ | 16,973 |  |  |  | $ | 436 |  |  |  |
Summary of restricted stock unit activity |
|  |  |  |  |  |  | Director Restricted |
|  | Stock Awards Plans |  | Stock Unit Plan |
|  |  |  | Weighted Average |  |  |  | Weighted Average |
|  | RSUs |  | Grant-Date Fair Value |  | RSUs |  | Grant-Date Fair Value |
Nonvested at January 1, 2017 |  | 72,127 |  | $ | 69.31 |  | 15,745 |  | $ | 75.56 |
Granted |  | 78,276 |  |  | 73.29 |  | — |  |  | — |
Vested |  | (40,963) |  |  | 68.29 |  | — |  |  | — |
Forfeited |  | — |  |  | — |  | — |  |  | — |
Nonvested at March 31, 2017 |  | 109,440 |  | $ | 72.54 |  | 15,745 |  | $ | 75.56 |

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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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