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STOCK-BASED COMPENSATION PLANS (Tables)
9 Months Ended
Sep. 30, 2012
Stock Option and SARs Activities

Information with respect to stock option and SARs activities is summarized below.

 

     Shares     Weighted
Average
Exercise
Price
 

Outstanding at December 31, 2011

     4,558,609      $  41.47   

Granted

     754,471        64.14   

Exercised

     (1,697,091     28.61   

Expired/forfeited

     (12,419     48.06   
  

 

 

   

 

 

 

Outstanding at September 30, 2012

     3,603,570      $  52.25   
  

 

 

   

 

 

 
Weighted Average Grant Date Fair Value of SARs

The weighted average grant date fair value of these SARs, based on our Black-Scholes-Merton assumptions, is shown below:

 

     Nine Months
Ended
September 30,
2012
 

Weighted average exercise price per share

   $ 64.14   

Expected annual dividends per share

     0.25

Expected life in years

     3.7   

Expected volatility

     45

Risk-free interest rate

     0.5

Weighted average grant date fair value

   $ 21.32   
Non-Vested Restricted Stock Outstanding

A summary of the status of our non-vested restricted stock outstanding at September 30, 2012 is summarized below:

 

     Equity Awards      Liability Awards  
     Shares     Weighted
Average Grant
Date Fair
Value
     Shares     Weighted
Average Grant
Date Fair
Value
 

Outstanding at December 31, 2011

     221,609      $  49.64         487,244      $ 48.76   

Granted

     359,732        63.37         370,385        63.90   

Vested

     (140,818     56.83         (324,433     51.30   

Forfeited

     (23,782     58.37         (2,093     50.50   
  

 

 

   

 

 

    

 

 

   

 

 

 

Outstanding at September 30, 2012

     416,741      $  58.56         531,103      $ 57.76