STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2016

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

Assumptions used to determine the grant date fair value for options granted

Key assumptions used to apply this pricing model during the six months ended June 30, 2016 were as follows:

Range of risk-free interest rate	1.45% - 1.73%
Weighted average risk-free interest rate	1.45%
Range of expected life of stock options	4.5 - 5.2 years
Range of expected volatility of the underlying stock price	20.64% - 21.45%
Weighted average expected volatility of underlying stock price	21.45%
Range of expected annual dividend yield	1.85% - 2.40%

Summary of the company's option activity

The Company’s option activity for the six months ended June 30, 2016 was as follows:

	Number of Options
Outstanding as of January 1, 2016	7,680,819
Granted	1,132,596
Exercised	(907,829	)
Forfeited	(16,320	)
Expired	(500	)
Outstanding as of June 30, 2016	7,888,766

Summary of the company's restricted stock unit activity

The Company’s RSU and PSU activity for the six months ended June 30, 2016 was as follows:

	RSUs		PSUs
Outstanding as of January 1, 2016 (1)	1,656,993		33,377
Granted (2)	767,421		192,719
Vested	(635,126	)	—
Forfeited	(54,053	)	—
Outstanding as of June 30, 2016	1,735,235		226,096

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(1) PSUs represent the shares issuable for the 2015 PSUs at the end of the three-year performance cycle based on exceeding the performance metric for the first year’s performance period.

(2) PSUs represent the target number of shares issuable at the end of the three-year performance cycle attributable to the second year’s performance period for the 2015 PSUs and the target number of shares issuable at the end of the three-year performance cycle for the 2016 PSUs.