STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2021

STOCK PLANS

Summary of stock option activity

The following table summarizes stock option activity for the year ended December 31, 2021 under all Plans:

		Weighted
		Average
	Number of	Exercise
	Options	Price
Balance at beginning of year	1,179,761	$	77.31
Options granted	179,184		114.27
Options exercised	(287,449)		66.91
Options canceled	(630)		59.19
Options forfeited	(2,642)		89.51
Balance at end of year	1,068,224		86.28
Exercisable at end of year	726,972		78.93

Weighted average assumptions used for estimating fair value of options granted

	2021			2020			2019
Expected volatility		28.01	%		25.80	%		25.98	%
Dividend yield		2.17	%		2.51	%		2.42	%
Risk-free interest rate		0.55	%		1.41	%		2.49	%
Expected option life (years)		4.7			4.7			4.6
Weighted average fair value per option granted during the year	$	21.70		$	15.97		$	17.46

Summary of nonvested stock options

The following table summarizes non-vested stock options for the year ended December 31, 2021:

		Weighted Average
	Number of	Fair Value at
	Options	Grant Date
Balance at beginning of year	335,835	$	16.88
Granted	179,184		21.70
Vested	(170,494)		17.50
Canceled	(2,642)		16.12
Forfeited	(630)		15.56
Balance at end of year	341,253		19.11

Summary of information about awards outstanding, by exercise price range

The following table summarizes information about awards outstanding as of December 31, 2021:

	Outstanding				Exercisable
		Weighted		Weighted		Weighted		Weighted
	Number of	Average		Average	Number of	Average		Average
	Stock	Exercise		Remaining	Stock	Exercise		Remaining
Exercise Price Range	Options	Price		Life (years)	Options	Price		Life (years)
Under $49.99	28,287	$	47.83	0.90	28,287	$	47.83	0.90
$50.00 - $59.99	132,756		58.12	4.10	132,756		58.12	4.10
Over $60.00	907,181		91.60	6.80	565,928		85.37	5.70
	1,068,224			6.30	726,971			5.20

Summary of RSU and PSU activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2021 under all Plans:

		Weighted
		Average
	Number of	Grant Date
	Units	Fair Value
Balance at beginning of year	411,489	$	90.23
Units granted	134,363		118.76
Units vested	(132,113)		93.16
Units forfeited	(9,913)		94.70
Balance at end of year	403,826		98.65