XML 51 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

STOCK AWARD PLANS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2014
STOCK AWARD PLANS [Abstract] |
Compensation cost breakdown in statement of earnings | The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards for the three months ended March 31, 2014 and 2013 were as follows (in thousands):
| Three months ended March 31, |
| 2014 |  | 2013 |
Compensation cost |  | $ | 2,153 |  |  | $ | 2,134 |
Income tax benefit |  | $ | 816 |  |  | $ | 807 |
Summary of stock option activity | The following is a summary of the stock option activity under the employee plan described above for the three months ended March 31, 2014:
|  | Outstanding Non- Qualified or Nonincentive Stock Awards |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2013 |  |  | 379,604 |  |  | $ | 55.42 |
Granted |  |  | 73,191 |  |  | $ | 98.49 |
Exercised |  |  | (45,409 | ) |  | $ | 47.77 |
Forfeited |  |  | (12,576 | ) |  | $ | 68.89 |
Outstanding at March 31, 2014 |  |  | 394,810 |  |  | $ | 63.85 |
The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at March 31, 2014:
|  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Number Exercisable |  |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
$ | 31.35 - $36.35 |  |  |  | 68,012 |  |  |  | 2.9 |  |  | $ | 32.62 |  |  |  |  | 68,012 |  |  |  | $ | 32.62 |  |
$ | 46.74 |  |  |  | 73,496 |  |  |  | 3.8 |  |  | $ | 46.74 |  |  |  |  | 73,496 |  |  |  | $ | 46.74 |  |
$ | 65.28 - $70.65 |  |  |  | 178,144 |  |  |  | 5.3 |  |  | $ | 68.35 |  |  |  |  | 88,844 |  |  |  | $ | 67.55 |  |
$ | 86.96 - $96.85 |  |  |  | 37,730 |  |  |  | 6.8 |  |  | $ | 93.89 |  |  |  |  | ─ |  |  |  | $ | ─ |  |
$ | 101.46 - $104.37 |  |  |  | 37,428 |  |  |  | 6.9 |  |  | $ | 102.53 |  |  |  |  | ─ |  |  |  | $ | ─ |  |
$ | 31.35 - $104.37 |  |  |  | 394,810 |  |  |  | 4.9 |  |  | $ | 63.85 |  | $14,812,000 |  |  | 230,352 |  |  |  | $ | 50.60 |  | $11,668,000
The following is a summary of the restricted stock award activity under the employee plan described above for the three months ended March 31, 2014:
|  | Unvested Restricted Stock Award Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested balance at December 31, 2013 |  |  | 399,278 |  |  | $ | 54.92 |
Granted |  |  | 91,735 |  |  | $ | 96.47 |
Vested |  |  | (141,382 | ) |  | $ | 45.60 |
Forfeited |  |  | (25,810 | ) |  | $ | 61.54 |
Nonvested balance at March 31, 2014 |  |  | 323,821 |  |  | $ | 70.23 |
The Company has a director stock award plan for nonemployee directors of the Company which provides for the issuance of stock options and restricted stock. The director plan provides for the automatic grants of stock options and restricted stock to nonemployee directors on the date of first election as a director and after each annual meeting of stockholders. In addition, the director plan allows for the issuance of stock options or restricted stock in lieu of cash for all or part of the annual director fee at the option of the director. The exercise prices for all options granted under the plan are equal to the fair market value per share of the Company’s common stock on the date of grant. The terms of the options are ten years. The options granted to a director when first elected vest immediately. The options granted and restricted stock issued after each annual meeting of stockholders vest six months after the date of grant. Options granted and restricted stock issued in lieu of cash director fees vest in equal quarterly increments during the year to which they relate. At March 31, 2014, 610,041 shares were available for future grants under the director plan. The director stock award plan is intended as an incentive to attract and retain qualified independent directors. The following is a summary of the stock option activity under the director plan described above for the three months ended March 31, 2014:
|  | Outstanding Non- Qualified or Nonincentive Stock Awards |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2013 |  |  | 320,322 |  |  | $ | 50.64 |
Exercised |  |  | (57,988 | ) |  | $ | 37.29 |
Outstanding at March 31, 2014 |  |  | 262,334 |  |  | $ | 53.60 |
The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at March 31, 2014:
|  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Number Exercisable |  |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
$ | 20.28 — $29.60 |  |  |  | 30,000 |  |  |  | 3.5 |  |  | $ | 25.87 |  |  |  |  | 30,000 |  |  | $ | 25.87 |  |
$ | 35.17 — $36.82 |  |  |  | 32,048 |  |  |  | 2.6 |  |  | $ | 36.09 |  |  |  |  | 32,048 |  |  | $ | 36.09 |  |
$ | 41.24 — $56.45 |  |  |  | 97,022 |  |  |  | 6.1 |  |  | $ | 52.16 |  |  |  |  | 97,022 |  |  | $ | 52.16 |  |
$ | 61.89 — $62.48 |  |  |  | 54,306 |  |  |  | 8.2 |  |  | $ | 62.37 |  |  |  |  | 54,306 |  |  | $ | 62.37 |  |
$ | 75.17 |  |  |  | 48,958 |  |  |  | 9.1 |  |  | $ | 75.17 |  |  |  |  | 48,958 |  |  | $ | 75.17 |  |
$ | 20.28 — $75.17 |  |  |  | 262,334 |  |  |  | 6.4 |  |  | $ | 53.60 |  | $ 12,501,000 |  |  | 262,334 |  |  | $ | 53.60 |  | $ 12,501,000
Summary of restricted stock award activity | The following is a summary of the restricted stock award activity under the employee plan described above for the three months ended March 31, 2014:
|  | Unvested Restricted Stock Award Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested balance at December 31, 2013 |  |  | 399,278 |  |  | $ | 54.92 |
Granted |  |  | 91,735 |  |  | $ | 96.47 |
Vested |  |  | (141,382 | ) |  | $ | 45.60 |
Forfeited |  |  | (25,810 | ) |  | $ | 61.54 |
Nonvested balance at March 31, 2014 |  |  | 323,821 |  |  | $ | 70.23 |
The following is a summary of the restricted stock award activity under the director plan described above for the three months ended March 31, 2014:
|  | Unvested Restricted Stock Award Shares |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested balance at December 31, 2013 |  |  | 384 |  |  | $ | 75.65 |
Vested |  |  | (384 | ) |  | $ | 75.65 |
Nonvested balance at March 31, 2014 |  | ─ |  | ─ |
Summary of Stock option valuation assumptions | The key input variables used in valuing the options during the three months ended March 31, 2014 and 2013 were as follows:
|  | Three months ended March 31, |
|  | 2014 |  |  | 2013 |
Dividend yield |  | None |  |  | None |
Average risk-free interest rate |  |  | 1.8 | % |  |  | 1.0 | %
Stock price volatility |  |  | 33 | % |  |  | 34 | %
Estimated option term |  | Six years |  |  | Six years |

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28361610&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited 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
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration