STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2019

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, 2017		1,708,296	$	34.57
Granted		213,504		55.92
Exercised		(268,004)		27.94
Forfeited		(9,435)		45.54
Outstanding at December 31, 2018		1,644,361		38.36
Granted		199,110		59.41
Exercised		(331,315)		30.42
Forfeited		(9,162)		51.29
Outstanding at December 31, 2019		1,502,994		42.82
Exercisable at December 31, 2019		929,120	$	36.73

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, 2019:

	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 – $28.00		96,324	$	79.25		3.36		96,324	$	24.26
$28.001 – $29.00		97,492		28.78		2.22		97,492		28.78
$29.001 – $30.00		141,501		29.79		3.21		141,501		29.79
$30.001 – $40.00		594,156		37.09		5.38		453,418		37.05
$40.001 – $60.00		573,521		57.47		8.24		140,385		56.76
TOTAL		1,502,994	$	42.82		5.93		929,120	$	36.73

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.

	2019			2018			2017
Weighted-average Fair Value of Options Granted	$	14.16		$	13.44		$	12.78
Assumptions:
Weighted-average expected life (in years)		6.50			6.50			6.50
Future dividend yield		2.73	%		2.91	%		3.19	%
Share price volatility		29.31	%		29.44	%		29.71	%
Weighted-average risk-free interest rate		2.44	%		2.82	%		2.31	%

Activity of Unvested Restricted Stock Awards

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2019, and changes during the twelve months ended December 31, 2019 and 2018, is presented below:

	Restricted Shares	Weighted-average grant date fair value
Unvested at December 31, 2017	230,873	$	34.06
Awards	50,133		55.92
Forfeitures	(3,429)		34.95
Vestings	(56,514)		39.40
Unvested at December 31, 2018	221,063		37.72
Awards	108,556		42.53
Forfeitures	(2,365)		52.47
Vestings	(130,466)		29.71
Unvested at December 31, 2019	196,788	$	45.58