STOCK BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation Expense Resulting from Stock Option Awards, Restricted stock units ("RSU") and ESPP

The following table presents the total stock-based compensation expense resulting from stock option awards, restricted stock units (“RSUs”), and the ESPP included in the Condensed Consolidated Statements of Income:

In thousands
	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Cost of revenues – stock option plan	$	21	$	30	$	28	$	70
Selling, general and administrative – stock option plan	3,818		3,174		7,859		6,704
Selling, general and administrative – RSUs	314		383		629		578
Selling, general and administrative – ESPP	299		309		608		591
Total pre-tax expense	$	4,452	$	3,896	$	9,124	$	7,943

Tax Benefits Related to Stock Compensation

The following table sets forth the tax benefits related to stock compensation:

In thousands
	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Tax benefit recognized in Statement of Income	$	1,020	$	1,254	$	1,929	$	2,384
Excess tax benefit realized	3,346		4,170		7,080		8,373

Stock Option Activity

Stock option activity for the six months ended June 30, 2014, is summarized as follows:

	Number of Options		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life	Total Aggregate Intrinsic Value
					(in years)	(in thousands)
Outstanding at beginning of year	5,540,482		$	70.29
Granted	963,483		115.29
Exercised	(424,881	)	53.82
Forfeited	(62,170	)	92.48
Canceled or expired	(1,108	)	66.74
Outstanding at June 30, 2014	6,015,806		$	78.43	6.44	$	240,554
Exercisable at June 30, 2014	3,242,027		$	63.26	5.38	$	178,818
Vested and expected to vest at June 30, 2014	5,741,157		$	77.35

Intrinsic Value of Options Exercised

The total exercise intrinsic value represents the total pre-tax value (the difference between the sales price on that trading day in the quarter ended June 30, and the exercise price associated with the respective option).

In thousands
	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Total intrinsic value of options exercised	$	14,721	$	13,166	$	26,517	$	27,729

Assumptions used in Black-Scholes Model

The estimated fair value of stock options at the time of the grant using the Black-Scholes model option pricing model was as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Stock options granted (shares)	108,705			68,040			963,483			1,045,130
Weighted average fair value at grant date	$	21.40		$	27.74		$	21.30		$	21.97
Assumptions:
Expected term (in years)	4.69			5.75			4.74			5.88
Expected volatility	17.52		%	26.27		%	17.60		%	27.05		%
Expected dividend yield	—		%	—		%	—		%	—		%
Risk free interest rate	1.53		%	1.02		%	1.49		%	1.00		%

Restricted Stock Units Activity

A summary of the status of our non-vested RSUs and changes during the six months ended June 30, 2014, are as follows:

	Number of Units		Weighted Average Grant Date Fair Value		Total Aggregate Intrinsic Value
					(in thousands)
Non-vested at beginning of year	70,457		$	88.32
Granted	16,334		115.67
Vested and released	(17,288	)	85.00
Forfeited	(5,610	)	89.21
Non-vested at June 30, 2014	63,893		$	96.13	$	7,566