STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2014

STOCK-BASED COMPENSATION [Abstract]

Assumptions Utilized in Determining Values

The fair values of awards made in 2014, 2013 and 2012, as well as the assumptions utilized in determining such values, is presented below.

	2014								2013			2012
	Performance- Based Vesting			Service- Based Vesting			Immediate Vesting		Performance- Based Vesting
Grant date fair value	$	25.99		$	25.99 to $26.68		$	25.90	$	17.79		$	16.15
Market price on date of grant	$	28.07		$	28.07		$	25.90	$	19.78		$	17.99
Expected annual dividend	$	0.69		$	0.69			-	$	0.67		$	0.61
Expected term (in years)		3.0		2.0 to 3.0				-		3.0			3.0
Risk-free interest rate		.13	%		.13	%		-		.12	%		.12	%

Summary of Options Outstanding

The following table presents a summary of options outstanding under the Corporation’s stock-based compensation plans as of December 31, 2014 and changes during the year then ended.

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (yrs.)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2014		348,801		$	15.64
Exercised		(69,312	)		15.22
Forfeited or expired		(564	)		18.57
Outstanding at December 31, 2014		278,925		$	15.74		3.86	$	3,522
Exercisable at December 31, 2014		239,619		$	15.29		3.55	$	3,135

Summary of Status of Non-Vested Shares and Changes During the Year

The following table presents a summary of RSUs outstanding under the Corporation’s stock-based compensation plans as of December 31, 2014 and changes during the year then ended.

	Number of RSUs			Weighted- Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term (yrs.)		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2014		96,915		$	17.03
Granted		63,959			26.06
Converted		(26,237	)		21.97
Forfeited		(7,456	)		16.85
Outstanding at December 31, 2014		127,181		$	20.56		1.00	$	3,608
Vested and Convertible at December 31, 2014		37,006		$	16.15		-	$	1,050