STOCK AWARD PLANS (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and 2018 were as follows (in thousands):

	Three months ended March 31,
	2019		2018
Compensation cost	$	4,900	$	7,551
Income tax benefit	$	1,169	$	1,760

Stock Option Valuation Assumptions

The key input variables used in valuing the options during the three months ended March 31, 2019 and 2018 were as follows:

	Three months ended March 31,
	2019			2018
Dividend yield	None			None
Average risk-free interest rate		2.5	%		2.7	%
Stock price volatility		28	%		27	%
Estimated option term	Six years			Six years

Employee Plan [Member]

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

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, 2019:

	Outstanding Non- Qualified or Nonincentive Stock Awards			Weighted Average Exercise Price
Outstanding at December 31, 2018		464,702		$	69.85
Granted		107,724		$	73.93
Exercised		(18,903	)	$	65.48
Canceled or expired		(15,400	)	$	71.05
Outstanding at March 31, 2019		538,123		$	70.79

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, 2019:

	Options Outstanding								Options Exercisable
Range ofExercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life inYears		Weighted Average ExercisePrice		Aggregate Intrinsic Value		Number Exercisable		Weighted Average ExercisePrice		Aggregate Intrinsic Value
$51.23		87,369		3.7	$	51.23				87,369	$	51.23
$64.65 - $68.50		103,201		5.2	$	67.37				47,496	$	68.47
$70.65 - $75.50		309,174		5.1	$	74.32				128,056	$	73.97
$93.64 - $101.46		38,379		1.8	$	96.01				38,379	$	96.01
$51.23 - $101.46		538,123		4.7	$	70.79	$	3,172,000		301,300	$	69.32	$	2,562,000

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, 2019:

	Unvested RestrictedStock AwardShares			Weighted AverageGrant Date Fair Value Per Share
Nonvested balance at December 31, 2018		214,216		$	64.73
Vested		(62,341	)	$	68.27
Forfeited		(10,399	)	$	63.56
Nonvested balance at March 31, 2019		141,476		$	63.26

RSU Activity

The following is a summary of RSU activity under the employee plan described above for the three months ended March 31, 2019:

	UnvestedRSUs			Weighted AverageGrant Date Fair Value Per Unit
Nonvested balance at December 31, 2018		141,055		$	75.59
Granted		134,315		$	73.96
Vested		(24,523	)	$	75.50
Forfeited		(4,029	)	$	75.43
Nonvested balance at March 31, 2019		246,818		$	74.72

Director Plan [Member]

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

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, 2019:

	Outstanding Non-Qualified orNonincentive StockOptions			Weighted Average ExercisePrice
Outstanding at December 31, 2018		131,104		$	70.14
Exercised		(6,000	)	$	29.60
Outstanding at March 31, 2019		125,104		$	72.08

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, 2019:

	Options Outstanding								Options Exercisable
Range ofExercise Prices	Number Outstanding		Weighted Average Remaining Contractual Life inYears		Weighted Average ExercisePrice		Aggregate Intrinsic Value		Number Exercisable		Weighted Average ExercisePrice		Aggregate Intrinsic Value
$41.24 – $56.45		31,276		1.7	$	50.61				31,276	$	50.61
$61.89 – $62.48		28,000		3.3	$	62.27				28,000	$	62.27
$70.65 – $99.52		65,828		4.9	$	86.45				65,828	$	86.45
$29.60 – $99.52		125,104		3.8	$	72.08	$	1,140,000		125,104	$	72.08	$	1,140,000

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, 2019:

	Unvested Restricted StockAward Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2018		264		$	85.30
Vested		(264	)	$	85.30
Nonvested balance at March 31, 2019		—		$	—