STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2014

STOCK-BASED COMPENSATION PLANS [Abstract]

Activity in Long-Term Incentive Program

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

	Stock Options
				Weighted-average
				Exercise Price of
	Outstanding			Shares
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
Granted		281,603			37.77
Exercised		(380,265	)		23.19
Forfeited		(24,453	)		28.71
Outstanding at December 31, 2014		2,151,776			25.92
Exercisable at December 31, 2014		1,396,303		$	23.12

Summary of Information about Stock Options Outstanding under Stock Option Plan

The following table summarizes the information about stock options outstanding under the Company’s stock option plan at December 31, 2014:

		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		163,916	$	17.60		4.15		163,916	$	17.60
$	18.001 – $23.00		629,242		19.63		3.72		579,234		19.64
$	23.001 – $28.00		433,612		25.55		4.45		355,440		25.16
$	28.001 – $29.00		304,939		28.78		7.22		145,582		28.78
$	29.001 – $30.00		342,654		29.79		8.21		108,559		29.79
$	30.001 – $40.00		277,413		37.77		9.22		43,572		37.77
TOTAL			2,151,776	$	25.92		5.82		1,396,303	$	23.12

Summary of Valuation Assumptions Used to Estimate Value of Stock Options

The Black-Scholes model requires several assumptions, which management developed based on historical trends and current market observations.

	2014			2013			2012
Weighted-average Fair Value of Options Granted	$	8.38		$	6.24		$	6.40
Assumptions:
Weighted-average expected life (in years)		6.50			7.23			7.40
Future dividend yield		3.70	%		3.90	%		3.90	%
Share price volatility		30.71	%		31.21	%		31.79	%
Weighted-average risk-free interest rate		2.69	%		1.91	%		2.34	%

Activity of Unvested Restricted Stock Awards

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2014, and changes during the twelve months ended December 31, 2014 and 2013, is presented below:

	Restricted Shares			Weighted-average grant date fair value
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
Awards		53,518			37.77
Forfeitures		(4,329	)		29.98
Vestings		(64,433	)		24.55
Unvested at December 31, 2014		245,721		$	26.13