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STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2015
STOCK-BASED COMPENSATION  
Weighted-average assumptions used to estimate fair value of stock options granted

 

Stock Awards Plans:

 

 

 

 

 

Six months ended June 30,

 

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 

 

 

 

Director Stock Option Plans:

 

 

 

 

 

Six months ended June 30,

 

 

 

2014 

 

 

 

 

 

 

 

Dividend Yield

 

 

 

1.8 

%

Expected Stock Price Volatility

 

 

 

22.2 

%

Risk-free Interest Rate

 

 

 

2.2 

%

Expected Life of Option (years)

 

 

 

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, 2015

 

8,107,806

 

$

46.74

 

368,668

 

$

53.52

 

Granted

 

1,391,355

 

64.60

 

--

 

--

 

Exercised

 

(788,268

)

34.60

 

(62,001

)

40.67

 

Forfeited or expired

 

(20,653

)

60.34

 

--

 

--

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2015

 

8,690,240

 

$

50.67

 

306,667

 

$

56.11

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2015

 

5,925,974

 

$

44.64

 

224,325

 

$

53.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

 

 

Outstanding at June 30, 2015

 

6.4

 

 

 

7.4

 

 

 

Exercisable at June 30, 2015

 

5.2

 

 

 

6.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate Intrinsic Value ($000):

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2015

 

$

120,651

 

 

 

$

2,616

 

 

 

Exercisable at June 30, 2015

 

$

115,264

 

 

 

$

2,432

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

June 30, 2015

 

$

23,592

 

 

 

$

1,449

 

 

 

June 30, 2014

 

$

18,050

 

 

 

$

741

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

 

 

Director Restricted

 

 

 

Stock Awards Plans

 

Stock Unit Plan

 

 

 

 

 

 

Weighted Average

 

 

 

 

Weighted Average

 

 

 

Shares

 

Grant-Date Fair Value

 

Shares

 

Grant-Date Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested at January 1, 2015

 

61,750

 

 

$

64.09

 

--

 

 

$

--

 

Granted

 

11,448

 

 

65.87

 

18,857

 

 

63.10

 

Vested

 

(11,083

)

 

57.13

 

--

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested at June 30, 2015

 

62,115

 

 

$

65.65

 

18,857

 

 

$

63.10