STOCK AWARD PLANS (Tables)

9 Months Ended

Sep. 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 statements of earnings for stock awards for the three months and nine months ended September 30, 2019 and 2018 were as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Compensation cost	$	3,172	$	3,098	$	11,079	$	16,649
Income tax benefit	$	813	$	709	$	2,722	$	4,747

Stock Option Valuation Assumptions

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

	Nine months ended September 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 nine months ended September 30, 2019:

	Outstanding Non- Qualified or Nonincentive Stock Options			Weighted Average Exercise Price
Outstanding at December 31, 2018		464,702		$	69.85
Granted		114,429		$	74.57
Exercised		(52,896	)	$	64.01
Canceled or expired		(16,498	)	$	72.56
Outstanding at September 30, 2019		509,737		$	71.43

Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at September 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		74,254		3.3	$	51.23			74,254	$	51.23
$64.65 - $68.50		100,757		4.7	$	67.34			45,433	$	68.43
$70.65 - $75.50		290,740		4.9	$	74.53			109,622	$	74.47
$84.90 - $101.46		43,986		2.1	$	94.38			37,281	$	96.08
$51.23 - $101.46		509,737		4.4	$	71.43	$6,007,000		266,590	$	69.99	$3,763,000

Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the employee plan described above for the nine months ended September 30, 2019:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2018		214,216		$	64.73
Vested		(62,723	)	$	68.29
Forfeited		(12,630	)	$	63.33
Unvested balance at September 30, 2019		138,863		$	63.26

RSU Activity

The following is a summary of RSU activity under the employee plan described above for the nine months ended September 30, 2019:

	Unvested RSUs			Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2018		141,055		$	75.59
Granted		146,650		$	74.46
Vested		(25,484	)	$	75.60
Forfeited		(6,834	)	$	74.96
Unvested balance at September 30, 2019		255,387		$	74.96

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 nine months ended September 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 September 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 September 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		1.2	$	50.61			31,276	$	50.61
$61.89 – $62.48		28,000		2.8	$	62.27			28,000	$	62.27
$70.65 – $99.52		68,480		4.6	$	86.39			67,154	$	86.42
$41.24 – $99.52		127,756		3.4	$	72.35	$1,790,000		126,430	$	72.22	$1,790,000

Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the director plan described above for the nine months ended September 30, 2019:

	Unvested Restricted Stock Award Shares			Weighted Average Grant Date Fair Value Per Share
Unvested balance at December 31, 2018		264		$	85.30
Granted		21,064		$	84.90
Vested		(1,324	)	$	84.98
Unvested balance at September 30, 2019		20,004		$	84.90