STOCK AWARD PLANS (Tables)

3 Months Ended

Mar. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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, 2015 and 2014 were as follows (in thousands):

	Three months ended March 31,
	2015		2014
Compensation cost	$	2,538	$	2,153
Income tax benefit	$	949	$	816

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 three months ended March 31, 2015 and 2014 were as follows:

	Three months ended March 31,
	2015			2014
Dividend yield	None			None
Average risk-free interest rate		1.3	%		1.8	%
Stock price volatility		33	%		33	%
Estimated option term	Six years			Six years

Employee Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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, 2015:

	Outstanding Non- Qualified or Nonincentive Stock Awards		Weighted Average Exercise Price
Outstanding at December 31, 2014		322,956	$	69.95
Granted		114,894	$	74.99
Outstanding at March 31, 2015		437,850	$	71.27

Summary of outstanding and exercisable stock options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at March 31, 2015:

		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
$	31.35 - $36.35		16,910		1.9	$	32.82				16,910	$	32.82
$	46.74		56,629		2.8	$	46.74				56,629	$	46.74
$	65.28 - $74.99		287,140		3.8	$	71.03				141,669	$	67.90
$	86.96 - $96.85		37,730		5.8	$	93.89				12,576	$	93.89
$	101.46 - $114.11		39,441		5.9	$	103.12				12,476	$	102.53
$	31.35 - $114.11		437,850		4.0	$	71.27	$	3,472,000		240,260	$	63.60	$	3,330,000

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, 2015:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2014		321,453		$	71.04
Granted		121,870		$	75.01
Vested		(113,383	)	$	60.72
Nonvested balance at March 31, 2015		329,940		$	76.05

Director Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of stock option activity

The following is a summary of the stock option activity under the director plan described above for the three months ended March 31, 2015:

	Outstanding Non- Qualified or Nonincentive Stock Awards			Weighted Average Exercise Price
Outstanding at December 31, 2014		298,334		$	60.01
Exercised		(6,000	)	$	62.48
Outstanding at March 31, 2015		292,334		$	59.95

Summary of outstanding and exercisable stock options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at March 31, 2015:

		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
$	20.28 — $29.60		30,000		1.7	$	25.87				30,000	$	25.87
$	35.17 — $36.82		32,048		1.0	$	36.09				32,048	$	36.09
$	41.24 — $56.45		91,022		4.0	$	51.87				91,022	$	51.87
$	61.89 — $62.48		48,306		6.2	$	62.36				48,306	$	62.36
$	75.17 — $99.52		90,958		6.9	$	86.41				90,958	$	86.41
$	20.28 — $99.52		292,334		4.7	$	59.95	$	5,446,000		292,334	$	59.95	$	5,446,000

Summary of restricted stock award activity

The following is a summary of the restricted stock award activity under the director plan described above for the three months ended March 31, 2015:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2014		292			$	99.52
Vested		(292	)		$	99.52
Nonvested balance at March 31, 2015	─				$	─