STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2015

STOCK-BASED COMPENSATION PLANS [Abstract]

Activity in Long-Term Incentive Program

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

	Stock Options
	Outstanding			Weighted-average Exercise Price of Shares
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
Granted		293,242			35.36
Exercised		(469,730	)		22.42
Forfeited		(5,987	)		30.21
Outstanding at December 31, 2015		1,969,301			28.15
Exercisable at December 31, 2015		1,200,830		$	24.79

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, 2015:

		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		99,270	$	17.71		3.23		99,270	$	17.71
$	18.001 – $23.00		450,540		19.57		2.78		449,926		19.57
$	23.001 – $28.00		261,642		26.14		5.19		223,428		25.93
$	28.001 – $29.00		275,173		28.78		6.22		171,759		28.78
$	29.001 – $30.00		317,341		29.79		7.21		145,513		29.79
$	30.001 – $40.00		565,335		36.52		8.73		110,934		37.30
TOTAL			1,969,301	$	28.15		6.03		1,200,830	$	24.79

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.

	2015			2014			2013
Weighted-average Fair Value of Options Granted	$	7.48		$	8.38		$	6.24
Assumptions:
Weighted-average expected life (in years)		6.50			6.50			7.23
Future dividend yield		3.40	%		3.70	%		3.90	%
Share price volatility		30.34	%		30.71	%		31.21	%
Weighted-average risk-free interest rate		1.73	%		2.69	%		1.91	%

Activity of Unvested Restricted Stock Awards

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2015, and changes during the twelve months ended December 31, 2015 and 2014, is presented below:

	Restricted Shares			Weighted-average grant date fair value
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
Awards		60,519			35.39
Forfeitures		(874	)		32.43
Vestings		(59,055	)		28.35
Unvested at December 31, 2015		246,311		$	27.85