EQUITY (Tables)

3 Months Ended

Mar. 31, 2016

EQUITY

Schedule of assumptions for determining the fair value for PSU awards using Monte Carlo simulation models

	2016			2015
Stock price on grant date	$	35.05		$	46.89
Expected term (years)	3.0			2.6
Expected volatility	29		%	29		%
Risk-free interest rate	1.3		%	0.9		%
Expected dividend yield	2.1		%	1.5		%

Summary of PSU, restricted stock and RSU activity

	PSUs			Restricted Stock				RSUs
	Shares	Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2015	6,929	$	65.78	59,413		$	42.67	—	$	—
Granted	16,000	41.22		26,300		35.05		20,830	39.10
Vested	—	—		(19,305	)	32.42		—	—
Cancelled, expired or forfeited	—	—		—		—		—	—
Outstanding as of March 31, 2016	22,929	$	48.64	66,408		$	42.63	20,830	$	39.10

Summary of stock option plan activity

	Shares	Weighted Average Exercise Price
Outstanding as of December 31, 2015	336,417	$	35.83
Granted	147,660	37.83
Exercised	—	—
Cancelled, expired or forfeited	—	—
Outstanding as of March 31, 2016	484,077	$	36.44
Exercisable as of March 31, 2016	160,575	$	32.11