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STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION PLANS

Schedule of Activity in this long-term incentive program

Activity in this long-term incentive program is as follows:

​

​	​	​	​	​	​
​	​	Stock Options
​	​	​	​	Weighted-
​	​	​	​	average Exercise
​		Outstanding		Price of Shares
Outstanding at December 31, 2018		1,644,361	​	$	38.36
Granted		199,110	​		59.41
Exercised		(331,315)	​		30.42
Forfeited		(9,162)	​		51.29
Outstanding at December 31, 2019		1,502,994	​		42.82
Granted		254,496	​		51.68
Exercised		(197,564)	​		32.65
Forfeited		(17,667)	​		50.97
Outstanding at December 31, 2020		1,542,259	​		45.49
Exercisable at December 31, 2020		978,833	​	$	40.77

​

Schedule of information about stock options outstanding under the Company's stock option plan

The following table summarizes the information about stock options outstanding under the Company’s stock option plan at December 31, 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Options outstanding

​

Options exercisable

​

​

​

​

Weighted-

​

Weighted-

​

​

​

Weighted-

​

​

​

​

average

​

average

​

​

​

average

​

​

​

​

Exercise

​

Remaining

​

​

​

Exercise

Range of Exercise Price

Shares

Price

Life (years)

Shares

Price

$0.00 – $28.00

50,619

​

$

23.95

4.75

50,619

​

$

23.95

$28.001 – $29.00

52,014

​

28.78

1.22

52,014

​

28.78

$29.001 – $30.00

104,045

​

29.79

2.21

104,045

​

29.79

$30.001 – $40.00

536,831

​

37.12

4.37

493,761

​

37.04

$40.001 – $60.00

798,750

​

55.61

7.86

278,394

​

56.78

TOTAL

1,542,259

​

$

45.49

5.94

978,833

​

$

40.77

​

Schedule of valuation assumptions used to estimate value of stock options

​

​	​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Weighted-average Fair Value of Options Granted	​	$	10.86	​	$	14.16	​	$	13.44	​
Assumptions:	​		​	​			​			​
Weighted-average expected life (in years)	​		6.50	​		6.50	​		6.50	​
Future dividend yield	​		2.57	%		2.73	%		2.91	%
Share price volatility	​		29.29	%		29.31	%		29.44	%
Weighted-average risk-free interest rate	​		0.67	%		2.44	%		2.82	%

​

Schedule of activity unvested restricted stock awards

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2020, and changes during the twelve months ended December 31, 2020 and 2019, is presented below:

​

​	​	​	​	​	​
​	​	Restricted	​	Weighted-average
​		Shares		grant date fair value
Unvested at December 31, 2018		221,063	​	$	37.72
Awards		108,556	​		42.53
Forfeitures		(2,365)	​		52.47
Vestings		(130,466)	​		29.71
Unvested at December 31, 2019		196,788	​		45.58
Awards		52,132	​		51.64
Forfeitures		(12,884)	​		37.14
Vestings		(59,628)	​		47.80
Unvested at December 31, 2020		176,408	​	$	47.24

​

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