STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2013

STOCK-BASED COMPENSATION PLANS [Abstract]

Long-term share-based incentive program stock activity

Activity in this long-term incentive program is as follows:

	Stock Options
				Weighted-average
				Exercise Price of
	Outstanding			Shares
Outstanding at December 31, 2011		2,947,215		$	21.43
Granted		356,765			28.78
Exercised		(526,141	)		18.91
Forfeited		(17,116	)		21.47
Outstanding at December 31, 2012		2,760,723			22.86
Granted		369,589			29.79
Exercised		(840,556	)		22.70
Forfeited		(14,865	)		24.45
Outstanding at December 31, 2013		2,274,891			24.03
Exercisable at December 31, 2013		1,478,489		$	22.40

Stock options outstanding and range of exercise price

The following table summarizes the information about stock options outstanding under the Company’s stock option plan at December 31, 2013:

		Options outstanding						Options exercisable
Range of Exercise Price		Shares		Weighted -average Exercise Price		Weighted- average Remaining Life (years)		Shares		Weighted -average Exercise Price
	$0.00 – $18.00		176,801	$	17.59		5.14		176,801	$	17.59
	$18.001 – $23.00		742,163		19.59		4.74		588,118		19.75
	$23.001 – $28.00		667,072		25.22		4.14		546,370		24.75
	$28.001 – $29.00		327,464		28.78		8.22		107,915		28.78
	$29.001 – $30.00		361,391		29.79		9.21		59,285		29.79
TOTAL			2,274,891	$	24.03		5.81		1,478,489	$	22.40

Summary of valuation assumptions used to value stock options

Management estimated the fair value of options granted using the Black-Scholes option-pricing model.  This model was originally developed to estimate the fair value of exchange-traded equity options, which (unlike employee stock options) have no vesting period or transferability restrictions.  As a result, the Black-Scholes model is not necessarily a precise indicator of the value of an option, but it is commonly used for this purpose.  The Black-Scholes model requires several assumptions, which management developed based on historical trends and current market observations.

	2013			2012			2011
Weighted-average Fair Value of Options Granted	$	6.24		$	6.40		$	6.69
Assumptions:
Weighted-average expected life (in years)		7.23			7.40			7.72
Future dividend yield		3.90	%		3.90	%		3.90	%
Share price volatility		31.21	%		31.79	%		32.12	%
Weighted-average risk-free interest rate		1.91	%		2.34	%		3.34	%

Unvested stock awards activity

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2013, and changes during the twelve months ended December 31, 2013 and 2012, is presented below:

	Restricted Shares			Weighted-average grant date fair value
Unvested at December 31, 2011		269,641		$	20.12
Awards		64,705			28.77
Forfeitures		(2,743	)		23.19
Vestings		(139,520	)		18.76
Unvested at December 31, 2012		192,083			23.98
Awards		142,353			22.13
Forfeitures		(2,896	)		25.34
Vestings		(70,575	)		22.28
Unvested at December 31, 2013		260,965		$	23.42