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EQUITY (Tables)
12 Months Ended
Dec. 31, 2017
EQUITY  
Schedule of shares repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

 

Shares

 

Cost

 

Average

 

Year ended December 31, 

    

Repurchased

    

(in thousands)

    

Repurchase Price

 

2017

 

201,932

 

$

10,636

 

$

52.67

 

2016

 

32,407

 

 

2,195

 

 

64.72

 

2015

 

 —

 

 

 —

 

 

 —

 

 

Schedule of repurchases of shares from employees to satisfy tax withholding and stock exercise obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate

 

 

 

 

 

 

Shares

 

Cost

 

Average

 

Year ended December 31, 

    

Repurchased

    

(in thousands)

    

Repurchase Price

 

2017

 

32,814

 

$

2,348

 

$

71.54

 

2016

 

38,279

 

 

2,775

 

 

72.50

 

2015

 

37,567

 

 

2,705

 

 

72.01

 

 

Summary of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2017

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

Weighted Avg.

 

Remaining

 

 

 

 

 

 

Number of

 

Exercise

 

Contractual

 

Aggregate

 

 

    

Options

    

Price

    

Term (Years)

    

Intrinsic Value

 

Outstanding at January 1, 2017

 

225,822

 

$

39.77

 

 

 

 

 

 

Granted

 

10,000

 

 

52.97

 

 

 

 

 

 

Exercised

 

(35,801)

 

 

32.29

 

 

 

 

 

 

Outstanding at December 31, 2017

 

200,021

 

 

41.76

 

3.6

 

$

2,780,253

 

Vested and expected to vest at December 31, 2017

 

200,021

 

 

41.76

 

3.6

 

$

2,780,253

 

Exercisable at December 31, 2017

 

187,521

 

 

40.77

 

3.6

 

$

2,757,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2016

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

 

 

Number of

 

Weighted Avg.

 

Contractual

 

Aggregate

 

 

    

Options

    

Exercise Price

    

Term (Years)

    

Intrinsic Value

 

Outstanding at January 1, 2016

 

268,875

 

$

38.64

 

 

 

 

 

 

Granted

 

 —

 

 

 —

 

 

 

 

 

 

Exercised

 

(43,053)

 

 

32.70

 

 

 

 

 

 

Outstanding at December 31, 2016

 

225,822

 

 

39.77

 

3.9

 

$

9,114,963

 

Vested and expected to vest at December 31, 2016

 

225,554

 

 

39.73

 

3.9

 

$

9,112,630

 

Exercisable at December 31, 2016

 

222,072

 

 

39.23

 

3.8

 

$

9,082,338

 

 

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, 2017, 2016 and 2015 (in thousands, except fair value of options granted data):

 

 

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

    

2015

 

Weighted-average fair value of options granted

 

$

13.77

 

$

 —

 

$

30.70

 

Aggregate intrinsic value of options exercised

 

 

936

 

 

1,591

 

 

3,488

 

Cash proceeds received upon exercise of options

 

 

1,030

 

 

649

 

 

1,998

 

Excess tax benefits from share-based compensation

 

 

 —

 

 

591

 

 

1,423

 

 

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

 

 

 

 

 

 

 

 

 

 

2017

 

2016

 

2015

 

 

    

 

 

 

 

 

 

Risk-free interest rate

 

1.79

%  

 —

 

1.55

%  

Expected dividend yield

 

1.28

%  

 —

 

1.76

%  

Expected life

 

4.00

years

 —

 

6.25

years

Expected volatility

 

34.01

%  

 —

 

51.85

%  

 

Summary of restricted stock activity

The following table summarizes restricted stock activity during the year ended December 31, 2017:

 

 

 

 

 

 

 

 

    

 

 

Weighted Avg.

 

 

    

Shares

    

Fair Value

 

Unvested as of January 1, 2017

 

229,040

 

$

67.13

 

Granted

 

95,095

 

 

68.09

 

Forfeited

 

(12,074)

 

 

69.71

 

Vested and issued

 

(97,123)

 

 

64.01

 

Unvested as of December 31, 2017

 

214,938

 

$

68.62

 

 

The following table summarizes restricted stock activity during the year ended December 31, 2016:

 

 

 

 

 

 

 

 

    

 

 

Weighted Avg. 

 

 

    

Shares

    

Fair Value

 

Unvested as of January 1, 2016

 

218,401

 

$

60.60

 

Granted

 

100,005

 

 

73.34

 

Forfeited

 

(1,125)

 

 

66.44

 

Vested and issued

 

(88,241)

 

 

58.01

 

Unvested as of December 31, 2016

 

229,040

 

$

67.13