SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2014

A summary of the RSUs for the three month period ended March 31, 2014 is as follows:


	Restricted Share Awards
	Performance				Total		Weighted-Average
	and Service		Service		Restricted		Grant-Date
	Required		Required		Awards		Fair Value
Nonvested as of January 1, 2014		89,459		10,202		99,661	$	65.86
Granted		40,676		4,799		45,475		63.95
Vested		0		0		0		0
Forfeited		0		0		0		0

Nonvested as of March 31, 2014		130,135		15,001		145,136	$	65.26

Weighted-Average Assumptions for Estimating Fair Values

The fair value for the stock options granted in 2014 was estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	2014
Risk-free interest rate		1.7	%
Dividend yield		1.7	%
Expected life (years)		5
Expected volatility		45.8	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP plan for the three month period ended March 31, 2014 was as follows:


	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2014		17,000		$	54.20
Granted		17,000		$	71.62
Exercised		(1,250	)	$	52.10
Forfeited		0			0

Outstanding (vested and expected to vest) at March 31, 2014		32,750		$	63.32		8.9	$	244

Exercisable at March 31, 2014		9,375		$	53.67		7.8	$	160

Stock Options [Member]

Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the three month period ended March 31, 2014 was as follows:


	Number of Shares		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2014		13,000	$	39.95
Granted		0	$	0.00
Exercised		0	$	0.00
Forfeited		0	$	0.00

Outstanding (exercisable and vested) at March 31, 2014		13,000	$	39.95		3.4	$	372

Exercisable at March 31, 2014		13,000	$	39.95		3.4	$	372