STOCK-BASED PLANS

6 Months Ended

Jun. 30, 2012

STOCK-BASED PLANS

STOCK-BASED PLANS

NOTE 11STOCK-BASED PLANS

Our stock based plans are described, and informational disclosures provided, in the notes to the Consolidated Financial Statements included in the Form 10-K for the year ended December 31, 2011. The following table summarizes our stock option plan activity for the six months ended June 30, 2012:

			Weighted
			Average
	Stock Options		Exercise Price
Stock Options Outstanding at December 31, 2011	712,640		$	57.72
Granted	157,000		63.34
Forfeited	(24,200	)	60.09
Stock Options Outstanding at June 30, 2012	845,440		$	58.70

Options granted vest ratably over five years and expire ten years after the grant date and generally do not become exercisable until 2017.

During the second quarter of 2012, we granted 14,900 restricted stock shares at a share price of $67.11. The restrictions on the shares generally lapse in 2017.

In addition, restricted stock shares totaling 13,033 and 8,953 were awarded to certain non-employee directors as part of an annual retainer for their services on the board of directors during the second quarter of 2012 and 2011, respectively, at a share price of $60.15 and $65.04, respectively. The restrictions on the shares granted in 2011 have lapsed and the restrictions on the shares granted in 2012 will generally lapse in the second quarter of 2013. As of June 30, 2012, there were 57,933 shares of restricted stock outstanding.