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STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2013
STOCK-BASED COMPENSATION  
Weighted-average assumptions used to estimate fair value of stock options granted

 

Stock Awards Plans:

 

 

 

 

 

Nine months ended September 30,

 

2013

 

2012

 

 

 

 

 

 

 

Dividend Yield

 

1.8

%

1.8

%

Expected Stock Price Volatility

 

22.7

%

22.9

%

Risk-free Interest Rate

 

1.3

%

1.3

%

Expected Life of Option (years)

 

6.9

 

6.9

 

 

 

 

 

Director Stock Option Plans:

 

 

 

 

 

Nine months ended September 30,

 

2013

 

2012

 

 

 

 

 

 

 

Dividend Yield

 

1.9

%

1.7

%

Expected Stock Price Volatility

 

23.0

%

22.5

%

Risk-free Interest Rate

 

1.3

%

1.3

%

Expected Life of Option (years)

 

6.9

 

6.9

 

Summary of option activity

 

 

 

 

Stock Awards Plans

 

Director Stock Option Plans

 

 

 

 

 

Weighted Average

 

 

 

Weighted Average

 

 

 

Shares

 

Exercise Price

 

Shares

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2013

 

7,879,197

 

$

37.27

 

276,667

 

$

45.48

 

Granted

 

1,385,300

 

51.83

 

85,500

 

56.49

 

Exercised

 

(1,249,180

)

28.60

 

(48,333

)

43.11

 

Forfeited or expired

 

(47,399

)

47.24

 

--

 

--

 

Outstanding at September 30, 2013

 

7,967,918

 

$

41.10

 

313,834

 

$

48.85

 

Exercisable at September 30, 2013

 

5,396,418

 

$

36.26

 

146,001

 

$

42.05

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

Outstanding at September 30, 2013

 

6.3

 

 

 

7.8

 

 

 

Exercisable at September 30, 2013

 

5.1

 

 

 

6.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate Intrinsic Value ($000):

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2013

 

$

151,630

 

 

 

$

3,541

 

 

 

Exercisable at September 30, 2013

 

$

128,807

 

 

 

$

2,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Intrinsic Value of Options Exercised ($000) During the Nine Months Ended:

 

 

 

 

 

September 30, 2013

 

$

33,123

 

 

 

$

732

 

 

 

September 30, 2012

 

$

34,674

 

 

 

$

937

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

Weighted-Average

 

 

 

Shares

 

Grant-Date Fair Value

 

 

 

 

 

 

 

Nonvested at January 1, 2013

 

25,862

 

$

48.76

 

Granted

 

12,448

 

54.92

 

Vested

 

(12,629

)

45.20

 

Nonvested at September 30, 2013

 

25,681

 

$

53.49