STOCK AWARD PLANS (Tables)

3 Months Ended

Mar. 31, 2013

Compensation cost breakdown in statement of earnings

The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company's stock award plans and the income tax benefit recognized in the statement of earnings for stock awards for the three months ended March 31, 2013 and 2012 were as follows (in thousands):

	Three months ended March 31,
	2013		2012
Compensation cost	$	2,134	$	1,906
Income tax benefit	$	807	$	728

Summary of stock option activity

The following is a summary of the stock option activity under the employee plan described above for the three months ended March 31, 2013:

	Outstanding Non- Qualified or Nonincentive Stock Awards		Weighted Average Exercise Price
Outstanding at December 31, 2012		351,173	$	45.54
Granted		109,560	$	70.65
Exercised		(36,800)	$	29.61
Outstanding at March 31, 2013		423,933	$	53.41

The following table summarizes information about the Company's outstanding and exercisable stock options under the employee plan at March 31, 2013:

	Options Outstanding							Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Exercisable		Weighted Average Exercise Price		Aggregate Intrinsic Value
$23.98 - $32.56	99,898		3.5	$	31.43				99,898	$	31.43
$34.40 - $36.35	14,000		1.6	$	34.96				14,000	$	34.96
$46.74	100,569		4.8	$	46.74				67,039	$	46.74
$65.28 - $70.65	209,466		6.4	$	68.34				33,299	$	65.80
$23.98 - $70.65	423,933		5.2	$	53.41	$	9,914,000		214,236	$	41.79	$	7,500,000

The following is a summary of the stock option activity under the director plan described above for the three months ended March 31, 2013:

	Outstanding Non- Qualified or Nonincentive Stock Awards			Weighted Average Exercise Price
Outstanding at December 31, 2012		345,938		$	45.84
Exercised		(24,000	)	$	48.83
Outstanding at March 31, 2013		321,938		$	45.62

The following table summarizes information about the Company's outstanding and exercisable stock options under the director plan at March 31, 2013:

	Options Outstanding								Options Exercisable
Range of Exercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life in Years		Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Exercisable		Weighted Average Exercise Price		Aggregate Intrinsic Value
$12.69 — $17.88		24,000		0.6	$	15.29				24,000	$	15.29
$20.28 — $29.60		36,000		4.7	$	26.49				36,000	$	26.49
$35.17 — $36.82		56,036		3.5	$	35.91				56,036	$	35.91
$41.24 — $56.45		145,596		6.7	$	52.14				145,596	$	52.14
$61.89 — $62.48		60,306		9.2	$	62.38				60,306	$	62.38
$12.69 — $62.48		321,938		5.9	$	45.62	$	10,038,000		321,938	$	45.62	$	10,038,000

Summary of restricted stock award activity

The following is a summary of the restricted stock award activity under the employee plan described above for the three months ended March 31, 2013:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2012		418,128		$	45.39
Granted		128,125		$	68.28
Vested		(138,794	)	$	40.69
Forfeited		(1,832	)	$	60.09
Nonvested balance at March 31, 2013		405,627		$	54.16

The following is a summary of the restricted stock award activity under the director plan described above for the three months ended March 31, 2013:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2012		348		$	62.99
Vested		(348	)	$	62.99
Nonvested balance at March 31, 2013	─			─

Summary of Stock option valuation assumptions

The weighted average per share fair value of stock options granted during the three months ended March 31, 2013 and 2012 was $23.66 and $21.62, respectively. The fair value of the stock options granted during the three months ended March 31, 2013 and 2012 was $2,592,000 and $2,160,000, respectively. The Company currently uses treasury stock shares for restricted stock grants and stock option exercises. The fair value of each stock option was determined using the Black-Scholes option pricing model. The key input variables used in valuing the options during the three months ended March 31, 2013 and 2012 were as follows:

	Three months ended March 31,
	2013		2012
Dividend yield		None		None
Average risk-free interest rate		1.0%		1.0%
Stock price volatility		34%		33%
Estimated option term		Six years		Six years