STOCK AWARD PLANS (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2019 and 2018 were as follows (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Compensation cost	$	3,007	$	6,000	$	7,907	$	13,551
Income tax benefit	$	740	$	2,278	$	1,909	$	4,038

Stock Option Valuation Assumptions

The key input variables used in valuing the options during the six months ended June 30, 2019 and 2018 were as follows:

	Six months ended June 30,
	2019			2018
Dividend yield	None			None
Average risk-free interest rate		2.5	%		2.7	%
Stock price volatility		28	%		27	%
Estimated option term	5.3 years			5.5 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 six months ended June 30, 2019:

	Outstanding Non- Qualified or Nonincentive Stock Awards			Weighted Average Exercise Price
Outstanding at December 31, 2018		464,702		$	69.85
Granted		114,429		$	74.57
Exercised		(26,890	)	$	64.15
Canceled or expired		(16,498	)	$	72.56
Outstanding at June 30, 2019		535,743		$	71.06

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, 2019:

	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
$51.23		83,329		3.6	$	51.23			83,329	$	51.23
$64.65 - $68.50		100,757		5.0	$	67.34			45,052	$	68.47
$70.65 - $75.50		307,671		4.9	$	74.32			126,553	$	73.96
$84.90 - $101.46		43,986		2.4	$	94.38			37,281	$	96.08
$51.23 - $101.46		535,743		4.5	$	71.06	$4,929,000		292,215	$	69.45	$3,426,000

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, 2019:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2018		214,216		$	64.73
Vested		(62,406	)	$	68.30
Forfeited		(12,205	)	$	63.36
Nonvested balance at June 30, 2019		139,605		$	63.26

RSU Activity

	Unvested RSUs			Weighted Average Grant Date Fair Value Per Unit
Nonvested balance at December 31, 2018		141,055		$	75.59
Granted		146,005		$	74.44
Vested		(25,484	)	$	75.60
Forfeited		(4,754	)	$	75.31
Nonvested balance at June 30, 2019		256,822		$	74.94

The following is a summary of the stock option activity under the director plan described above for the six months ended June 30, 2019:

	Outstanding Non-Qualified or Nonincentive Stock Options			Weighted Average Exercise Price
Outstanding at December 31, 2018		131,104		$	70.14
Granted		2,652		$	84.90
Exercised		(6,000	)	$	29.60
Outstanding at June 30, 2019		127,756		$	72.35

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 six months ended June 30, 2019:

	Outstanding Non-Qualified or Nonincentive Stock Options			Weighted Average Exercise Price
Outstanding at December 31, 2018		131,104		$	70.14
Granted		2,652		$	84.90
Exercised		(6,000	)	$	29.60
Outstanding at June 30, 2019		127,756		$	72.35

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, 2019:

	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
$41.24 – $56.45		31,276		1.4	$	50.61			31,276	$	50.61
$61.89 – $62.48		28,000		3.1	$	62.27			28,000	$	62.27
$70.65 – $99.52		68,480		4.9	$	86.39			66,491	$	86.44
$41.24 – $99.52		127,756		3.6	$	72.35	$1,498,000		125,767	$	72.15	$ 1,498,000

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, 2019:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested balance at December 31, 2018		264		$	85.30
Granted		21,064		$	84.90
Vested		(794	)	$	85.03
Nonvested balance at June 30, 2019		20,534		$	84.90