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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
STOCK-BASED COMPENSATION PLANS [Abstract] |
Activity in Long-Term Incentive Program | Activity in this long-term incentive program is as follows:
|  | Stock Options |
|  |  |  |  | Weighted-average |
|  |  |  |  | Exercise Price of |
|  | Outstanding |  |  | Shares |
Outstanding at December 31, 2012 |  |  | 2,760,723 |  |  |  | 22.86 |
Granted |  |  | 369,589 |  |  |  | 29.79 |
Exercised |  |  | (840,556 | ) |  |  | 22.70 |
Forfeited |  |  | (14,865 | ) |  |  | 24.45 |
Outstanding at December 31, 2013 |  |  | 2,274,891 |  |  |  | 24.03 |
Granted |  |  | 281,603 |  |  |  | 37.77 |
Exercised |  |  | (380,265 | ) |  |  | 23.19 |
Forfeited |  |  | (24,453 | ) |  |  | 28.71 |
Outstanding at December 31, 2014 |  |  | 2,151,776 |  |  |  | 25.92 |
Exercisable at December 31, 2014 |  |  | 1,396,303 |  |  | $ | 23.12 |
Summary of Information about Stock Options Outstanding under Stock Option Plan | The following table summarizes the information about stock options outstanding under the Company’s stock option plan at December 31, 2014:
|  |  | Options outstanding |  |  | Options exercisable |
Range of Exercise Price |  |  | Shares |  |  | Weighted-average Exercise Price |  |  | Weighted- average Remaining Life (years) |  |  | Shares |  |  | Weighted-average Exercise Price |
$ | 0.00 – $18.00 |  |  |  | 163,916 |  |  | $ | 17.60 |  |  |  | 4.15 |  |  |  | 163,916 |  |  | $ | 17.60 |
$ | 18.001 – $23.00 |  |  |  | 629,242 |  |  |  | 19.63 |  |  |  | 3.72 |  |  |  | 579,234 |  |  |  | 19.64 |
$ | 23.001 – $28.00 |  |  |  | 433,612 |  |  |  | 25.55 |  |  |  | 4.45 |  |  |  | 355,440 |  |  |  | 25.16 |
$ | 28.001 – $29.00 |  |  |  | 304,939 |  |  |  | 28.78 |  |  |  | 7.22 |  |  |  | 145,582 |  |  |  | 28.78 |
$ | 29.001 – $30.00 |  |  |  | 342,654 |  |  |  | 29.79 |  |  |  | 8.21 |  |  |  | 108,559 |  |  |  | 29.79 |
$ | 30.001 – $40.00 |  |  |  | 277,413 |  |  |  | 37.77 |  |  |  | 9.22 |  |  |  | 43,572 |  |  |  | 37.77 |
TOTAL |  |  |  | 2,151,776 |  |  | $ | 25.92 |  |  |  | 5.82 |  |  |  | 1,396,303 |  |  | $ | 23.12 |
Summary of Valuation Assumptions Used to Estimate Value of Stock Options | The Black-Scholes model requires several assumptions, which management developed based on historical trends and current market observations.
|  | 2014 |  |  | 2013 |  |  | 2012 |
Weighted-average Fair Value of Options Granted |  | $ | 8.38 |  |  | $ | 6.24 |  |  | $ | 6.40 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average expected life (in years) |  |  | 6.50 |  |  |  | 7.23 |  |  |  | 7.40 |
Future dividend yield |  |  | 3.70 | % |  |  | 3.90 | % |  |  | 3.90 | %
Share price volatility |  |  | 30.71 | % |  |  | 31.21 | % |  |  | 31.79 | %
Weighted-average risk-free interest rate |  |  | 2.69 | % |  |  | 1.91 | % |  |  | 2.34 | %
Activity of Unvested Restricted Stock Awards | A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2014, and changes during the twelve months ended December 31, 2014 and 2013, is presented below:
|  | Restricted Shares |  |  | Weighted-average grant date fair value |
Unvested at December 31, 2012 |  |  | 192,083 |  |  |  | 23.98 |
Awards |  |  | 142,353 |  |  |  | 22.13 |
Forfeitures |  |  | (2,896 | ) |  |  | 25.34 |
Vestings |  |  | (70,575 | ) |  |  | 22.28 |
Unvested at December 31, 2013 |  |  | 260,965 |  |  | $ | 23.42 |
Awards |  |  | 53,518 |  |  |  | 37.77 |
Forfeitures |  |  | (4,329 | ) |  |  | 29.98 |
Vestings |  |  | (64,433 | ) |  |  | 24.55 |
Unvested at December 31, 2014 |  |  | 245,721 |  |  | $ | 26.13 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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