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INCENTIVE PLANS (Tables)
12 Months Ended
Dec. 31, 2014
INCENTIVE PLANS [Abstract]  
Summary of Activity For Nonvested Performance Share Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Target

 

 

Weighted-average

 

 

 

 

Number

 

 

Grant Date

 

 

 

 

of Shares

 

 

Fair Value

 

Performance Shares

 

 

 

 

 

Nonvested at January 1, 2014

1,120,196 

 

 

$             46.03 

 

Granted

288,930 

 

 

63.42 

 

Vested

(348,021)

 

 

39.35 

 

Canceled/forfeited

(41,689)

 

 

48.27 

 

Nonvested at December 31, 2014

1,019,416 

 

 

$             53.16 

 

 

Aggregate Value of Performance Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands

2014 

 

 

2013 

 

 

2012 

 

Aggregate value of distributed

 

 

 

 

 

 

 

 

 performance shares

$              0 

 

 

$       9,286 

 

 

$          493 

 

 

Weighted-Average Fair Value And Weighted-Average Assumptions Used In Estimating Fair Value of Grants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2014 

 

 

2013 

 

 

2012 

 

1

SOSARs

 

 

 

 

 

 

 

 

 

Fair value

$        21.94 

 

 

$        16.96 

 

 

N/A

 

 

Risk-free interest rate

2.40% 

 

 

1.40% 

 

 

N/A

 

 

Dividend yield

1.64% 

 

 

1.72% 

 

 

N/A

 

 

Volatility

33.00% 

 

 

33.00% 

 

 

N/A

 

 

Expected term

8.00 years

 

 

8.00 years

 

 

N/A

 

 

 

 

 

1

No SOSARs were granted in 2012.

 

Summary of Our Stock Option/Sosar Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

Aggregate

 

 

 

 

Number

 

 

Weighted-average

 

 

Contractual

 

 

Intrinsic Value

 

 

 

 

of Shares

 

 

Exercise Price

 

 

Life (Years)

 

 

(in thousands)

 

Stock Options/SOSARs

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2014

5,198,746 

 

 

$             58.59 

 

 

 

 

 

 

 

Granted

230,150 

 

 

66.00 

 

 

 

 

 

 

 

Exercised

(616,539)

 

 

52.72 

 

 

 

 

 

 

 

Forfeited or expired

(26,052)

 

 

67.53 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

4,786,305 

 

 

$             59.65 

 

 

3.70 

 

 

$           54,151 

 

Vested and expected to vest

4,772,529 

 

 

$             59.65 

 

 

3.68 

 

 

$           54,083 

 

Exercisable at December 31, 2014

4,311,179 

 

 

$             59.76 

 

 

3.19 

 

 

$           50,422 

 

 

Aggregate Intrinsic Values of Options Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands

2014 

 

 

2013 

 

 

2012 

 

Aggregate intrinsic value of options/

 

 

 

 

 

 

 

 

 SOSARs exercised

$        7,372 

 

 

$        4,563 

 

 

$        5,674 

 

 

Cash and Stock Consideration Received and Tax Benefit Realized from Stock Option/Sosar Exercises and Compensation Cost Recorded

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands

2014 

 

 

2013 

 

 

2012 

 

Stock Options/SOSARs

 

 

 

 

 

 

 

 

Cash and stock consideration received

 

 

 

 

 

 

 

 

 from exercises

$       23,199 

 

 

$       17,156 

 

 

$       15,787 

 

Tax benefit from exercises

2,844 

 

 

1,770 

 

 

2,202 

 

Compensation cost

4,650 

 

 

3,936 

 

 

2,966