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EQUITY (Tables)
12 Months Ended
Dec. 31, 2013
EQUITY  
Schedule of shares repurchased from employees to satisfy tax obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options
Year Ended December 31
  Shares
Repurchased
  Aggregate
Cost
(in thousands)
  Average
Repurchase Price
 

2011

    5,470     218     39.90  

2012

    9,175     344     37.51  

2013

    163,222     8,103     49.64  
Summary of stock option activity
Year Ended December 31, 2012  
 
  Number of
Options
  Weighted Avg.
Exercise Price
  Weighted Average
Remaining
Contractual
Term (Years)
  Aggregate
Intrinsic Value
 

Outstanding at January 1, 2012

    720,648   $ 33.07              

Granted

    64,000     37.36              

Forfeited

    (1,625 )   32.02              

Exercised

    (62,575 )   23.22              
                   

Outstanding at December 31, 2012

    720,448     34.31     6.3     3,499,252  
                   
                   

Vested and expected to vest at December 31, 2012

    713,728     34.28     6.3     3,488,633  
                   
                   

Exercisable at December 31, 2012

    453,698     32.02     5.3     2,987,705  
                   
                   


 

Year Ended December 31, 2013  
 
  Number of
Options
  Weighted Avg.
Exercise
Price
  Weighted Average
Remaining
Contractual
Term (Years)
  Aggregate
Intrinsic Value
 

Outstanding at January 1, 2013

    720,448   $ 34.31              

Exercised

    (303,536 )   30.64              

Forfeited—Vested

    (11,625 )   46.01              

Forfeited—Unvested

    (4,000 )   45.22              
                   

Outstanding at December 31, 2013

    401,287     36.63     6.0   $ 8,000,149  
                   
                   

Vested and expected to vest at December 31, 2013

    398,036     35.86     6.0   $ 7,934,478  
                   
                   

Exercisable at December 31, 2013

    241,662     35.86     5.2   $ 5,004,299  
                   
                   
Summary of information relating to options granted and exercised

The following table summarizes information relating to options granted and exercised during 2011, 2012 and 2013 (in thousands, except fair value of options granted data):

 
  2011   2012   2013  

Weighted-average fair value of options granted

  $ 13.18   $ 15.27     N/A  

Aggregate intrinsic value of options exercised

    822     938     6,111  

Cash proceeds received upon exercise of options

    1,175     1,452     2,669  

Excess tax benefits from share-based compensation

        362     (2,102 )
Schedule of weighted-average assumptions using Black-Scholes option-pricing model for estimating fair value of each option granted
 
  Options Granted in
 
  2011   2012

Risk-free interest rate

  2.1%   1.4%

Expected dividend yield

  2.7%   2.5%

Expected life

  6.25 years   6.25 years

Expected volatility

  51%   53%
Summary of restricted stock activity

 

 

 
  Shares   Weighted Avg.
Fair Value
 

Unvested as of January 1, 2012

    68,773     41.39  

Granted

    72,083     36.93  

Forfeited

    (1,499 )   38.60  

Vested and issued

    (35,504 )   37.58  
           

Unvested as of December 31, 2012

    103,853     39.63  
           
           

 

 
  Shares   Weighted Avg.
Fair Value
 

Unvested as of January 1, 2013

    103,853     39.63  

Granted

    100,902     48.54  

Forfeited

    (250 )   46.85  

Vested and issued

    (49,986 )   43.96  
           

Unvested as of December 31, 2013

    154,519     44.04