STOCK AWARD PLANS (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2015 and 2014 were as follows (in thousands):

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
Compensation cost		$	2,713		$	3,120		$	5,251		$	5,273
Income tax benefit		$	1,015		$	1,182		$	1,964		$	1,998

Summary of Stock option valuation assumptions

The key input variables used in valuing the options during the six months ended June 30, 2015 and 2014 were as follows:

	Six months ended June 30,
	2015		2014
Dividend yield	None		None
Average risk-free interest rate		1.3%		2.0%
Stock price volatility		33%		33%
Estimated option term	Six years		Six or seven 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 six months ended June 30, 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
Exercised		─			─
Forfeited		(7,418	)	$	86.28
Outstanding at June 30, 2015		430,432		$	71.01

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 June 30, 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		1.6	$	32.82			16,910	$	32.82
$	46.74		56,629		2.6	$	46.74			56,629	$	46.74
$	65.28 - $ 74.99		283,963		5.1	$	70.98			141,669	$	67.90
$	93.64 - $ 96.85		35,763		5.6	$	94.27			11,921	$	94.27
$	101.46 -$114.11		37,167		5.7	$	103.22			12,389	$	103.22
$	31.35 -$114.11		430,432		4.7	$	71.01	$4,047,000		239,518	$	63.56	$3,677,000

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, 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		122,740		$	75.04
Vested		(113,470	)	$	60.75
Forfeited		(10,617	)	$	85.45
Nonvested balance at June 30, 2015		320,106		$	75.74

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 six months ended June 30, 2015:

	Outstanding Non- Qualified or Nonincentive Stock Options			Weighted Average Exercise Price
Outstanding at December 31, 2014	298,334		$	60.01
Granted	─		$	─
Exercised	(77,905	)	$	47.65
Outstanding at June 30, 2015	220,429		$	64.37

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 June 30, 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
$	29.60 - $36.82		30,000		2.4	$	33.60			30,000	$	33.60
$	41.24 - $56.45		71,276		4.8	$	52.34			71,276	$	52.34
$	61.89 - $62.48		41,153		7.0	$	62.34			41,153	$	62.34
$	75.17 - $99.52		78,000		7.8	$	88.28			78,000	$	88.28
$	29.60 - $99.52		220,429		5.9	$	64.37	$3,668,000		220,429	$	64.37	$3,668,000

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 six months ended June 30, 2015:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2014		292		$	99.52
Granted		18,843		$	79.46
Vested		(575	)	$	89.65
Nonvested balance at June 30, 2015		18,560		$	79.46