EQUITY (Tables)

6 Months Ended

Jun. 30, 2019

EQUITY

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

	2019
Stock price on grant date	$	58.40
Expected term		3.0	years
Expected volatility		30	%
Risk-free interest rate		2.5	%
Expected dividend yield		1.1	%

Summary of PSU, restricted stock and RSU activity

	PSUs			Restricted Stock			RSUs
		Weighted			Weighted			Weighted
		Average			Average			Average
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Outstanding as of December 31, 2018	39,200	$	55.48	74,988	$	46.74	66,785	$	53.77
Granted	17,111		58.20	27,800		62.59	33,020		56.21
Vested	(13,600)		41.22	(39,234)		43.77	(26,362)		48.28
Cancelled, expired or forfeited	—		—	—		—	(243)		45.66
Outstanding as of June 30, 2019	42,711	$	61.11	63,554	$	55.50	73,200	$	56.88

Summary of stock option activity

		Weighted
		Average
		Exercise
	Shares	Price
Outstanding as of December 31, 2018	236,503	$	44.93
Granted	41,100		63.36
Exercised	(3,246)		42.29
Cancelled, expired or forfeited	(1,540)		43.55
Outstanding as of June 30, 2019	272,817	$	47.74
Exercisable as of June 30, 2019	191,756	$	43.83