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EQUITY (Tables)
12 Months Ended
Dec. 31, 2015
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

 

Shares

 

Cost

 

Average

 

Year ended December 31, 

    

Repurchased

    

(in thousands)

    

Repurchase Price

 

2013

 

163,222

 

$

8,103

 

$

49.64

 

2014

 

34,293

 

 

2,160

 

 

63.01

 

2015

 

37,567

 

 

2,705

 

 

72.01

 

 

Summary of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

Number of

 

Weighted Avg.

 

Contractual

 

Aggregate

 

 

    

Options

    

Exercise Price

    

Term (Years)

    

Intrinsic Value

 

Outstanding at January 1, 2014

 

401,287

 

$

36.63

 

 

 

 

 

 

Exercised

 

(43,034)

 

 

37.68

 

 

 

 

 

 

Forfeited—Unvested

 

(7,000)

 

 

34.22

 

 

 

 

 

 

Outstanding at December 31, 2014

 

351,253

 

 

36.55

 

5.0

 

$

10,901,529

 

Vested and expected to vest at December 31, 2014

 

351,142

 

 

36.56

 

5.0

 

$

10,987,590

 

Exercisable at December 31, 2014

 

290,128

 

 

36.81

 

4.6

 

$

8,929,815

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2015

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

Weighted Avg.

 

Remaining

 

 

 

 

 

 

Number of

 

Exercise

 

Contractual

 

Aggregate

 

 

    

Options

    

Price

    

Term (Years)

    

Intrinsic Value

 

Outstanding at January 1, 2015

 

351,253

 

$

36.55

 

 

 

 

 

 

Granted

 

5,000

 

 

71.43

 

 

 

 

 

 

Exercised

 

(87,378)

 

 

32.14

 

 

 

 

 

 

Forfeited—Unvested

 

 —

 

 

 —

 

 

 

 

 

 

Outstanding at December 31, 2015

 

268,875

 

 

38.64

 

4.7

 

$

10,646,006

 

Vested and expected to vest at December 31, 2015

 

268,011

 

 

38.53

 

4.7

 

$

10,640,134

 

Exercisable at December 31, 2015

 

248,875

 

 

38.05

 

4.5

 

$

9,998,956

 

 

Summary of information relating to options granted and exercised

The following table summarizes information relating to options granted and exercised during the years ended December 31, 2013, 2014 and 2015 (in thousands, except fair value of options granted data):

 

 

 

 

 

 

 

 

 

 

 

 

    

2013

    

2014

    

2015

 

Weighted-average fair value of options granted

 

$

N/A

 

$

N/A

 

$

30.70

 

Aggregate intrinsic value of options exercised

 

 

6,111

 

 

1,098

 

 

3,488

 

Cash proceeds received upon exercise of options

 

 

2,669

 

 

1,621

 

 

1,999

 

Excess tax benefits from share-based compensation

 

 

2,101

 

 

513

 

 

1,423

 

 

Schedule of weighted-average assumptions using Black-Scholes option-pricing model for estimating fair value of each option granted

 

 

 

 

 

 

Options Granted in

 

 

    

2015

 

Risk-free interest rate

 

1.55

%  

Expected dividend yield

 

1.76

%  

Expected life

 

6.25

years

Expected volatility

 

51.85

%  

 

Summary of restricted stock activity

The following table summarizes restricted stock activity during the year ended December 31, 2014:

 

 

 

 

 

 

 

 

    

 

 

Weighted Avg. 

 

 

    

Shares

    

Fair Value

 

Unvested as of January 1, 2014

 

154,519

 

$

44.04

 

Granted

 

109,318

 

 

64.73

 

Forfeited

 

(8,500)

 

 

51.44

 

Vested and issued

 

(60,194)

 

 

44.61

 

Unvested as of December 31, 2014

 

195,143

 

$

55.13

 

 

The following table summarizes restricted stock activity during the year ended December 31, 2015:

 

 

 

 

 

 

 

 

    

 

 

Weighted Avg.

 

 

    

Shares

    

Fair Value

 

Unvested as of January 1, 2015

 

195,143

 

$

55.13

 

Granted

 

93,864

 

 

66.26

 

Forfeited

 

(1,687)

 

 

65.18

 

Vested and issued

 

(68,919)

 

 

52.70

 

Unvested as of December 31, 2015

 

218,401

 

$

60.60