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STOCK AWARD PLANS (Tables) | 3 Months Ended
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Mar. 31, 2015
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 ended March 31, 2015 and 2014 were as follows (in thousands):
|  | Three months ended March 31, |
|  | 2015 |  |  | 2014 |
Compensation cost |  | $ | 2,538 |  |  | $ | 2,153 |
Income tax benefit |  | $ | 949 |  |  | $ | 816 |
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 three months ended March 31, 2015 and 2014 were as follows:
|  | Three months ended March 31, |
|  | 2015 |  |  | 2014 |
Dividend yield |  | None |  |  | None |
Average risk-free interest rate |  |  | 1.3 | % |  |  | 1.8 | %
Stock price volatility |  |  | 33 | % |  |  | 33 | %
Estimated option term |  | Six years |  |  | Six 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 stock option activity under the employee plan described above for the three months ended March 31, 2015:
|  | Outstanding Non- Qualified or Nonincentive Stock Awards |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2014 |  |  | 322,956 |  |  | $ | 69.95 |
Granted |  |  | 114,894 |  |  | $ | 74.99 |
Outstanding at March 31, 2015 |  |  | 437,850 |  |  | $ | 71.27 |
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 March 31, 2015:
|  |  | 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 |  |  |  | 1.9 |  |  | $ | 32.82 |  |  |  |  |  |  |  | 16,910 |  |  | $ | 32.82 |  |  |  |  |
$ | 46.74 |  |  |  | 56,629 |  |  |  | 2.8 |  |  | $ | 46.74 |  |  |  |  |  |  |  | 56,629 |  |  | $ | 46.74 |  |  |  |  |
$ | 65.28 - $74.99 |  |  |  | 287,140 |  |  |  | 3.8 |  |  | $ | 71.03 |  |  |  |  |  |  |  | 141,669 |  |  | $ | 67.90 |  |  |  |  |
$ | 86.96 - $96.85 |  |  |  | 37,730 |  |  |  | 5.8 |  |  | $ | 93.89 |  |  |  |  |  |  |  | 12,576 |  |  | $ | 93.89 |  |  |  |  |
$ | 101.46 - $114.11 |  |  |  | 39,441 |  |  |  | 5.9 |  |  | $ | 103.12 |  |  |  |  |  |  |  | 12,476 |  |  | $ | 102.53 |  |  |  |  |
$ | 31.35 - $114.11 |  |  |  | 437,850 |  |  |  | 4.0 |  |  | $ | 71.27 |  |  | $ | 3,472,000 |  |  |  | 240,260 |  |  | $ | 63.60 |  |  | $ | 3,330,000 |
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, 2015:
|  | Unvested Restricted Stock Award Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested balance at December 31, 2014 |  |  | 321,453 |  |  | $ | 71.04 |
Granted |  |  | 121,870 |  |  | $ | 75.01 |
Vested |  |  | (113,383 | ) |  | $ | 60.72 |
Nonvested balance at March 31, 2015 |  |  | 329,940 |  |  | $ | 76.05 |
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 director plan described above for the three months ended March 31, 2015:
|  | Outstanding Non- Qualified or Nonincentive Stock Awards |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2014 |  |  | 298,334 |  |  | $ | 60.01 |
Exercised |  |  | (6,000 | ) |  | $ | 62.48 |
Outstanding at March 31, 2015 |  |  | 292,334 |  |  | $ | 59.95 |
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 March 31, 2015:
|  |  | 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 |  |  |  | 1.7 |  |  | $ | 25.87 |  |  |  |  |  |  |  | 30,000 |  |  | $ | 25.87 |  |  |  |  |
$ | 35.17 — $36.82 |  |  |  | 32,048 |  |  |  | 1.0 |  |  | $ | 36.09 |  |  |  |  |  |  |  | 32,048 |  |  | $ | 36.09 |  |  |  |  |
$ | 41.24 — $56.45 |  |  |  | 91,022 |  |  |  | 4.0 |  |  | $ | 51.87 |  |  |  |  |  |  |  | 91,022 |  |  | $ | 51.87 |  |  |  |  |
$ | 61.89 — $62.48 |  |  |  | 48,306 |  |  |  | 6.2 |  |  | $ | 62.36 |  |  |  |  |  |  |  | 48,306 |  |  | $ | 62.36 |  |  |  |  |
$ | 75.17 — $99.52 |  |  |  | 90,958 |  |  |  | 6.9 |  |  | $ | 86.41 |  |  |  |  |  |  |  | 90,958 |  |  | $ | 86.41 |  |  |  |  |
$ | 20.28 — $99.52 |  |  |  | 292,334 |  |  |  | 4.7 |  |  | $ | 59.95 |  |  | $ | 5,446,000 |  |  |  | 292,334 |  |  | $ | 59.95 |  |  | $ | 5,446,000 |
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 three months ended March 31, 2015:
|  | Unvested Restricted Stock Award Shares |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested balance at December 31, 2014 |  |  | 292 |  |  | $ | 99.52 |
Vested |  |  | (292 | ) |  | $ | 99.52 |
Nonvested balance at March 31, 2015 |  | ─ |  |  | $ | ─ |

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