EQUITY (Tables)

9 Months Ended

Sep. 30, 2016

EQUITY

Schedule of assumptions for determining the fair value for PSU awards using Monte Carlo simulation models

	2016	2015
Stock price on grant date	$35.05	$46.89
Expected term (years)	3.0	2.6
Expected volatility	29%	29%
Risk-free interest rate	1.3%	0.9%
Expected dividend yield	2.1%	1.5%

Summary of PSU, restricted stock and RSU activity

	PSUs				Restricted Stock				RSUs
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2015	6,929		$	65.78	59,413		$	42.67	—		$	—
Granted	16,000		41.22		34,300		37.90		20,830		39.10
Vested	—		—		(32,279	)	37.83		—		—
Cancelled, expired or forfeited	(3,466	)	48.77		(6,233	)	40.51		(260	)	39.10
Outstanding as of September 30, 2016	19,463		$	48.62	55,201		$	42.78	20,570		$	39.10

Summary of stock option plan activity

	Shares		Weighted Average Exercise Price
Outstanding as of December 31, 2015	336,417		$	35.83
Granted	147,660		37.83
Exercised	(13,939	)	23.25
Cancelled, expired or forfeited	(22,730	)	43.44
Outstanding as of September 30, 2016	447,408		$	36.50
Exercisable as of September 30, 2016	153,535		$	33.33