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STOCK BASED PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
STOCK BASED PLANS  
Summary of stock option plan activity

 

 

 
   Shares   Weighted Average
Exercise Price		   Weighted Average
Remaining
Contractual Term		   Aggregate
Intrinsic
Value		  
 
    
    
   (In years)
    
  

Stock options outstanding at January 1, 2012

     712,640   $ 57.72              

Granted

     200,000     64.19              

Exercised

     —       —                

Forfeited

     (50,700 )   58.62              

Expired

     —       —                
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stock options outstanding at December 31, 2012

     861,940   $ 59.17              
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Granted

     132,100     99.38              

Exercised

     —       —                

Forfeited

     (28,600 )   62.40              

Expired

     —       —                
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stock options outstanding at December 31, 2013

     965,440   $ 64.57     7.8   $ 53,607,886  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Stock options exercisable at December 31, 2013

     400     57.77     3.5     24,932  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Remaining unvested options outstanding and expected to vest

     936,680   $ 64.48     7.8   $ 52,101,542  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
Schedule of information related to stock options outstanding

Information related to stock options outstanding as of December 31, 2013 is summarized below:

Range of Exercise Prices
  Number
Oustanding		   Weighted Average
Exercise Price		   Weighted Average
Remaining
Contractual Term		   Number
Exercisable		  
 
    
    
   (In years)
    
  

$46.49 – 55.82

     64,500   $ 51.19     7.8     —    

$57.77 – 60.33

     597,400     57.98     7.3     —    

$61.64 – 69.75

     175,440     66.26     8.2     —    

$81.80 – 110.50

     128,100     99.77     9.5     —    
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     965,440   $ 64.57     7.8     —    
Schedule of fair value on grant date and the significant assumptions used in Black-Scholes option-pricing model

 

 

 
   2013  
 
   Weighted Average   Range  

Grant date fair value

   $ 28.04   $ 18.12 – $36.55  

Expected life of options (in years)

     7.34     7.0 – 7.5  

Risk-free interest rate

     1.8 %   1.26% – 2.30 %

Expected volatility

     22 %   18% – 26 %

Expected annual dividend per share

     —       —    
Summary of restricted stock activity

 

 

 
   Shares   Weighted Average
Grant Date
Fair Value		  

Restricted stock outstanding at January 1, 2012

     42,553   $ 65.18  

Granted

     27,933     63.86  

Vested

     (12,553 )   59.77  

Cancelled

     —       —    
           
​ ​ ​ ​ ​ ​ ​ ​

Restricted stock outstanding at December 31, 2012

     57,933   $ 65.72  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

Granted

     77,434   $ 79.77  

Vested

     (13,033 )   60.15  

Cancelled

     —       —    
           
​ ​ ​ ​ ​ ​ ​ ​

Restricted stock outstanding at December 31, 2013

     122,334   $ 75.21  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​