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STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2015
STOCK-BASED COMPENSATION  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

Stock Option Plans:

 

 

 

 

 

Three months ended March 31,

 

2015 

 

2014 

 

 

 

 

 

 

 

Dividend Yield

 

1.7 

%

1.7 

%

Expected Stock Price Volatility

 

21.9 

%

22.2 

%

Risk-free Interest Rate

 

1.6 

%

2.3 

%

Expected Life of Option (years)

 

6.9 

 

6.9 

 

 

Summary of option activity

 

 

 

Stock Option Plans

 

Director Stock Option Plans

 

 

 

 

 

Weighted Average

 

 

 

Weighted Average

 

 

 

Shares

 

Exercise Price

 

Shares

 

Exercise Price

 

 

 

 

 

 

 

 

 

 

 

Outstanding, January 1, 2015

 

8,107,806

 

$

46.74

 

368,668

 

$

53.52

 

Granted

 

1,391,355

 

64.60

 

--

 

--

 

Exercised

 

(604,717

)

33.56

 

(32,167

)

36.74

 

Forfeited or expired

 

(11,319

)

59.34

 

--

 

--

 

Outstanding at March 31, 2015

 

8,883,125

 

$

50.42

 

336,501

 

$

55.12

 

Exercisable at March 31, 2015

 

6,109,859

 

$

44.44

 

155,992

 

$

47.89

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

 

 

Outstanding at March 31, 2015

 

6.6

 

 

 

7.4

 

 

 

Exercisable at March 31, 2015

 

5.4

 

 

 

6.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate Intrinsic Value ($000):

 

 

 

 

 

 

 

 

 

Outstanding at March 31, 2015

 

$

123,889

 

 

 

$

3,118

 

 

 

Exercisable at March 31, 2015

 

$

118,581

 

 

 

$

2,438

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

March 31, 2015

 

$

18,824

 

 

 

$

874

 

 

 

March 31, 2014

 

$

6,912

 

 

 

$

--

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

Weighted-Average

 

 

 

Shares

 

Grant-Date Fair Value

 

 

 

 

 

 

 

Nonvested at January 1, 2015

 

61,750

 

$

64.09

 

Granted

 

11,448

 

65.87

 

Vested

 

(11,083

)

57.13

 

Nonvested at March 31, 2015

 

62,115

 

$

65.65