EQUITY AND SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of assumptions used to determine the fair value of options as of the grant date

The fair value of the service-based options was determined using the Black-Scholes option pricing model, and a lattice (binomial) model was used to determine the fair value of the market-based options, using the following assumptions as of the grant date:

Nine months ended
September 30, 2014

Nine months ended
September 30, 2013

Black-Scholes

Binomial

Black-Scholes

Binomial

Risk-free interest rate

1.80% – 1.90%

0.02% – 2.49%

1.02% – 1.81%

0.01% – 2.71%

Expected stock price volatility

37.57% – 38.58%

38.48% – 38.58%

36.35% – 36.76%

36.40% – 36.80%

Expected dividend yield

—

Expected option life (in years)

6.25

—

6.25

—

Contractual life (in years)

—

Fair value

$35.37 – $41.79

$25.51 – $31.93

$31.33 – $49.14

$16.12 – $41.72

Summary of the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the fair value of options vested

The following table summarizes the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the grant date fair value of stock options vested during the period presented:



	Nine months ended September 30,
(in thousands, except per share amounts)	2014		2013

Weighted average fair value at grant date per share	$	26.39	$	32.59
Intrinsic value of options exercised	7,636		24,587
Grant date fair value of options vested during the period	1,412		1,867

Summary of the activity of the entity's stock options

The following table summarizes the activity related to our stock options:



	Number of options		Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding at December 31, 2013	2,589,343		$	18.33	5.20	$	363,293
Granted	65,000		92.91
Exercised	(101,337	)	24.93
Forfeited	(16,001	)	73.14

Outstanding at September 30, 2014	2,537,005		19.63		4.54	206,753

Exercisable at September 30, 2014	2,192,639		13.04		4.08	192,474