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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2015
Summary of option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Awards Plans

 

Director Stock Option Plans

 

 

    

 

 

    

Weighted Average

    

 

    

Weighted Average

 

 

 

 

Options

 

Exercise Price

 

Options

 

Exercise Price

 

Outstanding, January 1, 2015

 

 

8,107,806

 

$

46.74

 

368,668

 

$

53.52

 

Granted

 

 

1,391,355

 

 

64.60

 

 —

 

 

 —

 

Exercised

 

 

(1,416,507)

 

 

37.15

 

(65,167)

 

 

41.93

 

Forfeited or expired

 

 

(50,624)

 

 

60.84

 

 

 

 —

 

Outstanding at December 31, 2015

 

 

8,032,030

 

$

51.44

 

303,501

 

$

56.00

 

Exercisable at December 31, 2015

 

 

5,324,545

 

$

45.23

 

221,159

 

$

53.22

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

6.1

 

 

 

 

6.8

 

 

 

 

Exercisable at December 31, 2015

 

 

4.9

 

 

 

 

6.4

 

 

 

 

Aggregate Intrinsic Value:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

$

170,340

 

 

 

$

5,052

 

 

 

 

Exercisable at December 31, 2015

 

$

145,978

 

 

 

$

4,297

 

 

 

 

Intrinsic Value of Options Exercised During the Years Ended:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

$

43,041

 

 

 

$

1,478

 

 

 

 

December 31, 2014

 

$

33,059

 

 

 

$

741

 

 

 

 

December 31, 2013

 

$

37,822

 

 

 

$

732

 

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director Restricted

 

 

 

Stock Awards Plans

 

Stock Unit Plan

 

 

    

    

    

Weighted Average

    

 

    

Weighted Average

 

 

 

RSUs

 

GrantDate Fair Value

 

RSUs

 

Grant-Date Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested at January 1,  2015

 

61,750

 

$

64.09

 

 —

 

$

 —

 

Granted

 

17,957

 

 

67.96

 

18,857

 

 

63.10

 

Vested

 

(13,331)

 

 

56.75

 

 

 

 

Nonvested at December 31, 2015

 

66,376

 

$

66.61

 

18,857

 

$

63.10

 

 

Stock Option Plans  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

 

 

 

 

 

 

Stock Awards Plans:

    

2015

    

2014

    

2013

 

Years ended December 31,

 

 

 

 

 

 

 

Dividend Yield

 

1.7

%  

1.7

%  

1.8

%  

Expected Stock Price Volatility

 

21.9

%  

22.2

%  

22.7

%  

Risk-free Interest Rate

 

1.6

%  

2.3

%  

1.3

%  

Expected Life of Option (years)

 

6.9

 

6.9

 

6.9

 

 

Director Stock Option Plans  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

 

 

 

 

Director Stock Option Plans:

    

 

 

 

 

Years ended December 31,

 

2014

    

2013

    

Dividend Yield

 

1.8

%  

1.9

%  

Expected Stock Price Volatility

 

22.2

%  

23.0

%  

Risk-free Interest Rate

 

2.2

%  

1.3

%  

Expected Life of Option (years)

 

6.9

 

6.9