SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2014

A summary of the RSUs for the six month period ended June 30, 2014 is as follows:


	Restricted Share Units
	Performance				Total		Weighted-Average
	and Service		Service		Restricted		Grant-Date
	Required		Required		Share Units		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		0.00
Forfeited		0		0		0		0.00

Nonvested as of June 30, 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 six month period ended June 30, 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		$	0.00

Outstanding (vested and expected to vest) at June 30, 2014		32,750		$	63.32		8.6	$	15

Exercisable at June 30, 2014		11,375		$	54.30		7.6	$	11

Stock Options [Member]

Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the six month period ended June 30, 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		(900	)	$	22.10
Forfeited		0		$	0.00

Outstanding (exercisable and vested) at June 30, 2014		12,100		$	41.28		3.3	$	152