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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
STOCK-BASED COMPENSATION PLANS [Abstract] |
Activity in Long-Term Incentive Program | Activity in this long-term incentive program is as follows:
|  | Stock Options |
|  | Outstanding |  |  | Weighted- average Exercise Price of Shares |
Outstanding at December 31, 2014 |  |  | 2,151,776 |  |  | $ | 25.92 |
Granted |  |  | 293,242 |  |  |  | 35.36 |
Exercised |  |  | (469,730 | ) |  |  | 22.42 |
Forfeited |  |  | (5,987 | ) |  |  | 30.21 |
Outstanding at December 31, 2015 |  |  | 1,969,301 |  |  | $ | 28.15 |
Granted |  |  | 330,383 |  |  |  | 38.02 |
Exercised |  |  | (525,298 | ) |  |  | 25.12 |
Forfeited |  |  | (18,394 | ) |  |  | 34.47 |
Outstanding at December 31, 2016 |  |  | 1,755,992 |  |  |  | 30.85 |
Exercisable at December 31, 2016 |  |  | 959,638 |  |  | $ | 26.94 |
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, 2016:
|  |  | 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 |  |  |  | 44,436 |  |  | $ | 17.70 |  |  |  | 2.22 |  |  |  | 44,436 |  |  | $ | 17.70 |
$ | 18.001 – $23.00 |  |  |  | 267,307 |  |  |  | 19.06 |  |  |  | 1.97 |  |  |  | 267,307 |  |  |  | 19.06 |
$ | 23.001 – $28.00 |  |  |  | 159,662 |  |  |  | 26.28 |  |  |  | 5.54 |  |  |  | 159,536 |  |  |  | 26.28 |
$ | 28.001 – $29.00 |  |  |  | 203,365 |  |  |  | 28.78 |  |  |  | 5.22 |  |  |  | 153,369 |  |  |  | 28.78 |
$ | 29.001 – $30.00 |  |  |  | 254,826 |  |  |  | 29.79 |  |  |  | 6.21 |  |  |  | 144,226 |  |  |  | 29.79 |
$ | 30.001 – $40.00 |  |  |  | 826,396 |  |  |  | 37.08 |  |  |  | 8.31 |  |  |  | 190,764 |  |  |  | 37.06 |
TOTAL |  |  |  | 1,755,992 |  |  | $ | 30.85 |  |  |  | 6.28 |  |  |  | 959,638 |  |  | $ | 26.94 |
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.
|  | 2016 |  |  | 2015 |  |  | 2014 |
Weighted-average Fair Value of Options Granted |  | $ | 7.90 |  |  | $ | 7.48 |  |  | $ | 8.38 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average expected life (in years) |  |  | 6.50 |  |  |  | 6.50 |  |  |  | 6.50 |
Future dividend yield |  |  | 3.43 | % |  |  | 3.40 | % |  |  | 3.70 | %
Share price volatility |  |  | 30.00 | % |  |  | 30.34 | % |  |  | 30.71 | %
Weighted-average risk-free interest rate |  |  | 1.72 | % |  |  | 1.73 | % |  |  | 2.69 | %
Activity of Unvested Restricted Stock Awards | A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2016, and changes during the twelve months ended December 31, 2016 and 2015, is presented below:
|  | Restricted Shares |  |  | Weighted-average grant date fair value |
Unvested at December 31, 2014 |  |  | 245,721 |  |  | $ | 26.13 |
Awards |  |  | 60,519 |  |  |  | 35.39 |
Forfeitures |  |  | (874 | ) |  |  | 32.43 |
Vestings |  |  | (59,055 | ) |  |  | 28.35 |
Unvested at December 31, 2015 |  |  | 246,311 |  |  | $ | 27.85 |
Awards |  |  | 148,240 |  |  |  | 27.04 |
Forfeitures |  |  | (42,394 | ) |  |  | 17.49 |
Vestings |  |  | (98,327 | ) |  |  | 25.64 |
Unvested at December 31, 2016 |  |  | 253,830 |  |  | $ | 29.98 |

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