XML 61 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED PLANS (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of stock option plan activity
The following tables summarize stock option activity:
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
 
 
 
Remaining
 
Aggregate
 
 
 
 
Weighted Average
 
Contractual Term
 
Intrinsic
 
 
Shares
 
Exercise Price
 
(In years)
 
Value
Stock options outstanding at January 1, 2016
 
1,086,040

 
$
77.11

 
 
 
 
Granted
 
162,100

 
109.42

 
 
 
 
Exercised
 
(3,000
)
 
60.33

 
 
 
 
Forfeited
 
(68,500
)
 
122.93

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Stock options outstanding at December 31, 2016
 
1,176,640

 
$
78.87

 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
58,000

 
$
119.85

 
 
 
 
Exercised
 
(395,482
)
 
58.81

 
 
 
 
Forfeited
 
(54,976
)
 
105.17

 
 
 
 
Expired
 
(1,000
)
 
57.77

 
 
 
 
Stock options outstanding at December 31, 2017
 
783,182

 
$
90.22

 
 
 
 
 
 
 
 
 
 
 
 
 
Granted
 
265,000

 
$
124.56

 
 
 
 
Exercised
 
(183,592
)
 
65.72

 
 
 
 
Forfeited
 
(46,592
)
 
121.34

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Stock options outstanding at December 31, 2018
 
817,998

 
$
105.06

 
6.3
 
8,608,841

 
 
 
 
 
 
 
 
 
Stock options exercisable at December 31, 2018
 
268,298

 
$
67.82

 
3.0
 
8,524,841

Stock options vested and expected to vest at December 31, 2018
 
797,320

 
$
104.61

 
6.3
 
8,607,055
Summary of information related to stock options outstanding
Information related to stock options outstanding as of December 31, 2018 is summarized below:
 
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
 
 
 
 
 
Remaining
 
 
 
 
 
 
Number
 
Weighted Average
 
Contractual Term
 
Number
Range of Exercise Prices
 
Outstanding
 
Exercise Price
 
(In years)
 
Exercisable
$
46.46

 
$
55.82

 
11,100

 
$
49.93

 
2.8
 
11,100

$
57.77

 
$
60.33

 
162,401

 
57.99

 
2.3
 
162,401

$
61.64

 
$
69.75

 
49,129

 
66.65

 
3.4
 
49,129

$
81.80

 
$
110.50

 
68,960

 
101.69

 
6.2
 
38,960

$
112.64

 
$
151.72

 
526,408

 
124.77

 
8.0
 
6,708

 
 
 
 
817,998

 
$
105.06

 
6.3
 
268,298
Summary of Significant Assumptions Used in Black-Scholes Option-Pricing Model
The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows:
 
 
As of December 31,
 
 
2018
 
2017
 
2016
Grant date fair value
 
$
48.27

 
$
34.51

 
$
36.55

Expected life of options (in years)
 
8.4

 
8.4

 
7.4

Risk-free interest rate
 
2.7
%
 
2.2
%
 
1.8
%
Expected volatility
 
24.7
%
 
22.8
%
 
33.1
%
Expected annual dividend per share
 
—

 
—

 
—
Summary of restricted stock activity
The following table summarizes restricted stock activity:
 
 
Weighted Average
 
 
Grant Date
 
 
Shares
 
Fair Value
Restricted stock outstanding at January 1, 2016
 
242,556

 
$
100.15

Granted
 
136,198

 
67.80

Vested
 
(37,670
)
 
83.47

Forfeited
 
(51,972
)
 
90.14

Restricted stock outstanding at December 31, 2016
 
289,112

 
$
88.88

Granted
 
177,708

 
85.88

Vested
 
(68,819
)
 
88.58

Forfeited
 
(43,482
)
 
76.10

Restricted stock outstanding at December 31, 2017
 
354,519

 
$
89.00

Granted
 
142,332

 
83.09

Vested
 
(52,479
)
 
124.50

Forfeited
 
(37,828
)
 
91.71

Restricted stock outstanding at December 31, 2018
 
406,544

 
$
82.10