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STOCK AWARD PLANS (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2016 and 2015 were as follows (in thousands):

		Three months ended June 30,								Six months ended June 30,
		2016				2015				2016				2015
Compensation cost		$	2,961			$	2,713			$	5,545			$	5,251
Income tax benefit		$	1,110			$	1,015			$	2,079			$	1,964

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 six months ended June 30, 2016 and 2015 were as follows:

		Six months ended June 30,
		2016				2015
Dividend yield			None				None
Average risk-free interest rate			1.5%				1.3%
Stock price volatility			30%				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 six months ended June 30, 2016:

		Outstanding Non- Qualified or Nonincentive Stock Awards				Weighted Average Exercise Price
Outstanding at December 31, 2015			430,432			$	71.01
Granted			186,706			$	53.50
Forfeited			(12,910	)		$	77.35
Outstanding at June 30, 2016			604,228			$	65.47

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 June 30, 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				0.6			$	32.82								16,910			$	32.82
$	46.74 - $51.23				212,335				5.3			$	50.03								56,629			$	46.74
$	64.89 - $ 74.99				304,500				4.5			$	70.32								204,074			$	69.56
$	93.64 - $ 96.85				33,987				4.6			$	94.31								22,658			$	94.31
$	101.46 -$114.11				36,496				4.5			$	103.02								24,778			$	103.22
$	31.35 -$114.11				604,228				4.7			$	65.47			$	3,124,000				325,049			$	67.96			$	1,386,000

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 six months ended June 30, 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			190,150			$	53.55
Vested			(104,781	)		$	69.94
Forfeited			(18,001	)		$	76.82
Nonvested balance at June 30, 2016			379,095			$	66.15

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 six months ended June 30, 2016:

		Outstanding Non- Qualified or Nonincentive Stock Options				Weighted Average Exercise Price
Outstanding at December 31, 2015			220,429			$	64.37
Granted			─			$	─
Exercised			(9,000	)		$	35.72
Forfeited			(6,000	)		$	99.52
Outstanding at June 30, 2016			205,429			$	64.60

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 June 30, 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				21,000				1.4			$	32.69								21,000			$	32.69
$	41.24 - $56.45				71,276				3.1			$	52.34								71,276			$	52.34
$	61.89 - $62.48				41,153				5.3			$	62.34								41,153			$	62.34
$	75.17 - $99.52				72,000				6.2			$	87.35								72,000			$	87.35
$	29.60 - $99.52				205,429				4.5			$	64.60			$	1,345,000				205,429			$	64.60			$	1,345,000

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 six months ended June 30, 2016:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2015			1,791			$	68.73
Granted			23,074			$	64.89
Vested			(2,138	)		$	68.11
Nonvested balance at June 30, 2016			22,727			$	64.89

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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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