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STOCK AWARD PLANS (Tables)

9 Months Ended

Sep. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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 and nine months ended September 30, 2014 and 2013 were as follows (in thousands):

	Three months ended September 30,								Nine months ended September 30,
	2014				2013				2014				2013
Compensation cost		$	3,551			$	3,860			$	8,824			$	8,921
Income tax benefit		$	1,329			$	1,459			$	3,327			$	3,372

Summary of Stock option valuation assumptions

The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the nine months ended September 30, 2014 and 2013 were as follows:

		Nine months ended September 30,
		2014				2013
Dividend yield		None				None
Average risk-free interest rate			2.0	%			1.1	%
Stock price volatility			33	%			34	%
Estimated option term		Six or seven years				Six or seven years

Employee Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of stock option activity

The following is a summary of the restricted stock award activity under the employee plan described above for the nine months ended September 30, 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			97,706			$	97.46
Vested			(141,700	)		$	45.62
Forfeited			(31,589	)		$	62.69
Nonvested balance at September 30, 2014			323,695			$	71.07

Summary of outstanding and exercisable stock options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at September 30, 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				2.2			$	25.87					30,000			$	25.87
$	35.17 - $36.82				32,048				1.5			$	36.09					32,048			$	36.09
$	41.24 - $56.45				91,022				4.5			$	51.87					91,022			$	51.87
$	61.89 - $62.48				54,306				6.0			$	62.37					54,306			$	62.37
$	75.17 - $99.52				90,958				7.4			$	86.41					48,958			$	75.17
$	20.28 - $99.52				298,334				5.1			$	60.01		$17,257,000			256,334			$	53.53		$16,487,000

Summary of restricted stock award activity

The following is a summary of the restricted stock award activity under the director plan described above for the nine months ended September 30, 2014:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2013			384			$	75.65
Granted			8,160			$	99.52
Vested			(960	)		$	89.97
Nonvested balance at September 30, 2014			7,584			$	99.52

Director Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of stock option activity

The following is a summary of the stock option activity under the employee plan described above for the nine months ended September 30, 2014:

		Outstanding Non- Qualified or Nonincentive Stock Awards				Weighted Average Exercise Price
Outstanding at December 31, 2013			379,604			$	55.42
Granted			75,204			$	98.91
Exercised			(117,677	)		$	41.72
Forfeited			(12,576	)		$	68.89
Outstanding at September 30, 2014			324,555			$	69.94

Summary of outstanding and exercisable stock options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at September 30, 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				16,910				2.4			$	32.82							16,910					$	32.82
$	46.74				56,629				3.3			$	46.74							56,629					$	46.74
$	65.28 - $ 70.65				173,845				4.9			$	68.38							84,545					$	67.57
$	86.96 - $ 96.85				37,730				6.3			$	93.89							655					$	86.96
$	101.46 -$114.11				39,441				6.4			$	103.12				─								$	─
$	31.35 -$114.11				324,555				4.8			$	69.94		$15,549,000					158,739					$	56.52		$9,736,000

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 nine months ended September 30, 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			97,706			$	97.46
Vested			(141,700	)		$	45.62
Forfeited			(31,589	)		$	62.69
Nonvested balance at September 30, 2014			323,695			$	71.07

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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.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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