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STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

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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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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