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STOCK-BASED PLANS (Tables)
 12 Months Ended
Dec. 31, 2015
STOCK-BASED PLANS  
Summary of stock option plan activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

Aggregate

 

 

 

 

 

Weighted Average

 

Remaining

 

 

Intrinsic

 

 

    

Shares

    

Exercise Price

    

Contractual Term

    

 

Value

  

 

 

 

 

 

 

 

(In years)

 

 

 

 

Stock options outstanding at January 1, 2013

 
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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 
116,500

 

 
144.26

 

 

 

 

 

 

Exercised

 

 -

 

 

 -

 

 

 

 

 

 

Forfeited

 
(35,450)

 

 
87.45

 

 

 

 

 

 

Expired

 

 -

 

 

 -

 

 

 

 

 

 

Stock options outstanding at December 31, 2014

 
1,046,490

 

$
72.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 
117,000

 

 
134.24

 

 

 

 

 

 

Exercised

 

 -

 

 

 -

 

 

 

 

 

 

Forfeited

 
(77,450)

 

 
103.84

 

 

 

 

 

 

Expired

 

 -

 

 

 -

 

 

 

 

 

 

Stock options outstanding at December 31, 2015

 
1,086,040

 

$
77.11

 
6.3

 

$
43,927,338

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options exercisable at December 31, 2015

 
3,400

 

$
60.03

 
4.2

 

$
180,646

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining unvested options outstanding and expected to vest

 
1,071,365

 

$
76.68

 
4.2

 

$
43,679,612

 

 

Schedule of information related to stock options outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

Remaining

 

 

 

 

Number

 

Weighted Average

 

Contractual Term

 

Number

Range of Exercise Prices

    

Outstanding

    

Exercise Price

    

(In years)

    

Exercisable

 

 

 

 

 

 

 

 

 

 

$46.49 - $55.82

 
48,500

 

 
$
52.74

 
5.6

 

 -

$57.77 - $60.33

 
569,400

 

 
57.94

 
5.2

 
3,400

$61.64 - $69.75

 
169,240

 

 
66.17

 
6.2

 

 -

$81.80 - $110.50

 
107,400

 

 
98.35

 
7.4

 

 -

$112.64 - $151.72

 
191,500

 

 
138.05

 
9.0

 

 -

 

 
1,086,040

 

 
$
77.11

 
6.2

 
3,400

 

Schedule of fair value on grant date and the significant assumptions used in Black-Scholes option-pricing model

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31,

 

 

    

2015

    

2014

    

2013

 

Grant date fair value

 

$
44.45

 

$
48.65

 

$
28.04

 

Expected life of options (in years)

 

 
7.5

 

 
7.5

 

 
7.3

 

Risk-free interest rate

 

 
2.0

%

 
2.2

%

 
1.8

%

Expected volatility

 

 
26.1

%

 
25.7

%

 
22.0

%

Expected annual dividend per share

 

 

-

 

 

-

 

 

-

 

 

Summary of restricted stock activity

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

Grant Date

 

 

    

Shares

    

Fair Value

 

 

 

 

 

 

 

 

Restricted stock outstanding at January 1, 2013

 
57,933

 

$
65.72

 

Granted

 
77,434

 

 
79.77

 

Vested

 
(13,033)

 

 
60.15

 

Restricted stock outstanding at December 31, 2013

 
122,334

 

$
75.21

 

 

 

 

 

 

 

 

Granted

 
61,750

 

 
126.38

 

Vested

 
(11,394)

 

 
97.72

 

Restricted stock outstanding at December 31, 2014

 
172,690

 

$
92.02

 

 

 

 

 

 

 

 

Granted

 
81,581

 

$
121.81

 

Vested

 
(7,546)

 

 
147.56

 

Forfeited

 
(4,169)

 

 
101.33

 

Restricted stock outstanding at December 31, 2015

 
242,556

 

$
100.15