STOCK AWARD PLANS (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2013 and 2012 were as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Compensation cost		$	2,927		$	2,583		$	5,061		$	4,489
Income tax benefit		$	1,106		$	987		$	1,913		$	1,715

Summary of stock option activity

The following is a summary of the stock option activity under the employee plan described above for the six months ended June 30, 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		(43,449	)	$	28.75
Outstanding at June 30, 2013		417,284		$	53.88

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at June 30, 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		93,249		3.4	$	31.96				93,249	$	31.96
$	34.40 - 36.35		14,000		1.3	$	34.96				14,000	$	34.96
$	46.74		100,569		4.6	$	46.74				67,039	$	46.74
$	65.28 - 70.65		209,466		6.1	$	68.34				33,299	$	65.80
$	23.98 - 70.65		417,284		5.0	$	53.88	$	10,706,000		207,587	$	42.36	$	7,717,000

The following is a summary of the stock option activity under the director plan described above for the six months ended June 30, 2013:

	Outstanding Non- Qualified or Nonincentive Stock Options			Weighted Average Exercise Price
Outstanding at December 31, 2012		345,938		$	45.84
Granted		54,958		$	75.17
Exercised		(36,000	)	$	36.79
Outstanding at June 30, 2013		364,896		$	51.15

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at June 30, 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
$	17.88		12,000		0.8	$	17.88				12,000	$	17.88
$	20.28- 29.60		36,000		4.5	$	26.49				36,000	$	26.49
$	35.17- 36.82		56,036		3.3	$	35.91				56,036	$	35.91
$	41.24- 56.45		145,596		6.5	$	52.14				145,596	$	52.14
$	61.89- 62.48		60,306		8.9	$	62.38				60,306	$	62.38
$	75.17		54,958		9.8	$	75.17				239	$	75.17
$	17.88- 75.17		364,896		6.5	$	51.15	$	10,358,000		310,177	$	46.92	$	10,119,000

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 six months ended June 30, 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		(6,582	)	$	63.91
Nonvested balance at June 30, 2013		400,877		$	54.03

The following is a summary of the restricted stock award activity under the director plan described above for the six months ended June 30, 2013:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2012		348		$	62.99
Granted		10,536		$	75.65
Vested		(732	)	$	69.63
Nonvested balance at June 30, 2013		10,152		$	75.65

Summary of Stock option valuation assumptions

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 six months ended June 30, 2013 and 2012 were as follows:

	Six months ended June 30,
	2013		2012
Dividend yield	None		None
Average risk-free interest rate		1.1%		1.1%
Stock price volatility		34%		33%
Estimated option term	Six years or seven years		Six years or seven years