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STOCK AWARD PLANS (Tables)

6 Months Ended

Jun. 30, 2017

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

Compensation Cost Breakdown in Statement of Earnings

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, 2017 and 2016 were as follows (in thousands):

		Three months ended June 30,								Six months ended June 30,
		2017				2016				2017				2016
Compensation cost		$	3,231			$	2,961			$	5,924			$	5,545
Income tax benefit		$	1,271			$	1,110			$	2,152			$	2,079

Summary of Stock Option Valuation Assumptions

The key input variables used in valuing the options during the six months ended June 30, 2017 and 2016 were as follows:

		Six months ended June 30,
		2017				2016
Dividend yield		None				None
Average risk-free interest rate			2.0	%			1.5	%
Stock price volatility			27	%			30	%
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, 2017:

		Outstanding Non- Qualified or Nonincentive Stock Awards				Weighted Average Exercise Price
Outstanding at December 31, 2016			601,121			$	65.33
Granted			121,908			$	68.50
Exercised			(16,910	)		$	32.82
Outstanding at June 30, 2017			706,119			$	66.66

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, 2017:

				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
$	46.74 - $51.23				212,335				4.3			$	50.03						108,531			$	48.89
$	64.89 - $74.99				424,643				4.5			$	69.78						237,022			$	70.31
$	93.64 - $96.85				33,987				3.6			$	94.31						33,987			$	94.31
$	101.46 - $104.37				35,154				3.7			$	102.60						35,154			$	102.60
$	46.74 - $104.37				706,119				4.3			$	66.66		$	3,711,000			414,694			$	69.41	$	2,029,000

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, 2017:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2016			377,655			$	66.14
Granted			125,545			$	68.55
Vested			(105,272	)		$	68.92
Forfeited			(1,017	)		$	64.20
Nonvested balance at June 30, 2017			396,911			$	66.17

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, 2017:

		Outstanding Non- Qualified or Nonincentive Stock Options				Weighted Average Exercise Price
Outstanding at December 31, 2016			205,429			$	64.60
Granted			3,188			$	70.65
Exercised			(39,000	)		$	46.23
Forfeited			(12,000	)		$	87.35
Outstanding at June 30, 2017			157,617			$	67.54

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, 2017:

				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				6,000				1.8			$	29.60						6,000			$	29.60
$	41.24 – $56.45				53,276				2.9			$	52.77						53,276			$	52.77
$	61.89 – $62.48				35,153				5.0			$	62.31						35,153			$	62.31
$	70.65 – $99.52				63,188				6.5			$	86.50						60,797			$	87.13
$	29.60 – $99.52				157,617				4.8			$	67.54		$	1,133,000			155,226			$	67.49			$	1,133,000

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, 2017:

		Unvested Restricted Stock Award Shares				Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2016			347			$	64.89
Granted			21,198			$	70.65
Vested			(666	)		$	67.65
Nonvested balance at June 30, 2017			20,879			$	70.65

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