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STOCK AWARD PLANS (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and 2015 were as follows (in thousands):

	Three months ended March 31,
	2016				2015
Compensation cost		$	2,584			$	2,538
Income tax benefit		$	969			$	949

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, 2016 and 2015 were as follows:

		Three months ended March 31,
		2016				2015
Dividend yield		None				None
Average risk-free interest rate			1.5	%			1.3	%
Stock price volatility			29	%			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, 2016:

		Outstanding Non- Qualified or Nonincentive Stock Awards				Weighted Average Exercise Price
Outstanding at December 31, 2015			430,432			$	71.01
Granted			155,706			$	51.23
Outstanding at March 31, 2016			586,138			$	65.76

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, 2016:

				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				0.9			$	32.82								16,910			$	32.82
$	46.74 - $51.23				212,335				5.5			$	50.03								56,629			$	46.74
$	65.28 - $74.99				283,963				4.4			$	70.98								209,485			$	69.56
$	93.64 - $96.85				35,763				4.8			$	94.27								23,842			$	94.27
$	101.46 - $114.11				37,167				4.9			$	103.22								24,107			$	102.92
$	31.35 - $114.11				586,138				4.8			$	65.76			$	2,643,000				330,973			$	67.99			$	1,232,000

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, 2016:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2015			311,727			$	75.73
Granted			157,880			$	51.23
Vested			(104,716	)		$	69.92
Forfeited			(6,479	)		$	77.53
Nonvested balance at March 31, 2016			358,412			$	66.60

Director Plan [Member]

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

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, 2016:

				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
$	29.60 – $36.82				30,000				1.7			$	33.60						30,000			$	33.60
$	41.24 – $56.45				71,276				4.1			$	52.34						71,276			$	52.34
$	61.89 – $62.48				41,153				6.2			$	62.34						41,153			$	62.34
$	75.17 – $99.52				78,000				7.0			$	88.28						78,000			$	88.28
$	29.60 – $99.52				220,429				5.2			$	64.37		$	1,367,000			220,429			$	64.37		$	1,367,000

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, 2016:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2015			1,791			$	68.73
Vested			(284	)		$	79.46
Nonvested balance at March 31, 2016			1,507			$	66.71

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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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