STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2017

STOCK-BASED COMPENSATION PLANS [Abstract]

Activity in Long-Term Incentive Program

Activity in this long-term incentive program is as follows:

	Stock Options
	Outstanding			Weighted- average Exercise Price of Shares
Outstanding at December 31, 2015		1,969,301		$	28.15
Granted		330,383			38.02
Exercised		(525,298	)		25.12
Forfeited		(18,394	)		34.47
Outstanding at December 31, 2016		1,755,992			30.85
Granted		197,943			57.02
Exercised		(238,499	)		25.72
Forfeited		(7,140	)		37.47
Outstanding at December 31, 2017		1,708,296			34.57
Exercisable at December 31, 2017		1,015,823		$	29.57

Summary of Information about Stock Options Outstanding under Stock Option Plan

The following table summarizes the information about stock options outstanding under the Company’s stock option plan at December 31, 2017:

		Options outstanding						Options exercisable
Range of Exercise Price		Shares		Weighted- average Exercise Price		Weighted- average Remaining Life (years)		Shares		Weighted average Exercise Price
$	0.00 – $18.00		24,736	$	17.82		1.31		24,736	$	17.82
$	18.001 – $28.00		314,511		22.23		2.93		314,511		22.23
$	28.001 – $29.00		171,083		28.78		4.22		171,083		28.78
$	29.001 – $30.00		228,668		29.79		5.20		176,843		29.79
$	30.001 – $40.00		771,781		37.09		7.28		317,005		37.06
$	40.001 – $60.00		197,517		57.02		9.14		11,645		57.12
TOTAL			1,708,296	$	34.57		6.02		1,015,823	$	29.57

Summary of Valuation Assumptions Used to Estimate Value of Stock Options

The Black-Scholes model requires several assumptions, which management developed based on historical trends and current market observations.

	2017			2016			2015
Weighted-average Fair Value of Options Granted	$	12.78		$	7.90		$	7.48
Assumptions:
Weighted-average expected life (in years)		6.50			6.50			6.50
Future dividend yield		3.19	%		3.43	%		3.40	%
Share price volatility		29.71	%		30.00	%		30.34	%
Weighted-average risk-free interest rate		2.31	%		1.72	%		1.73	%

Activity of Unvested Restricted Stock Awards

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2017, and changes during the twelve months ended December 31, 2017 and 2016, is presented below:

	Restricted Shares			Weighted-average grant date fair value
Unvested at December 31, 2015		246,311		$	27.85
Awards		148,240			27.04
Forfeitures		(42,394	)		17.49
Vestings		(98,327	)		25.64
Unvested at December 31, 2016		253,830			29.98
Awards		46,428			57.02
Forfeitures		(4,863	)		24.78
Vestings		(64,522	)		33.69
Unvested at December 31, 2017		230,873		$	34.06