EQUITY (Tables)

6 Months Ended

Jun. 30, 2017

EQUITY

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

	2017
Stock price on grant date	$	49.15
Expected term (years)		3.0
Expected volatility		31	%
Risk-free interest rate		1.5	%
Expected dividend yield		1.5	%

Summary of PSU, restricted stock and RSU activity

	PSUs			Restricted Stock			RSUs
		Weighted			Weighted			Weighted
		Average			Average			Average
		Grant Date			Grant Date			Grant Date
	Shares	Fair Value		Shares	Fair Value		Shares	Fair Value
Outstanding as of December 31, 2016	19,463	$	48.62	55,201	$	42.78	19,930	$	39.10
Granted	11,500		62.45	27,788		49.53	34,870		47.93
Vested	—		—	(14,426)		46.80	(6,456)		39.10
Cancelled, expired or forfeited	—		—	(166)		49.97	(1,193)		41.92
Outstanding as of June 30, 2017	30,963	$	53.76	68,397	$	44.66	47,151	$	45.56

Summary of stock option activity

		Weighted
		Average
		Exercise
	Shares	Price
Outstanding as of December 31, 2016	446,498	$	36.49
Granted	38,087		49.27
Exercised	(26,185)		30.45
Cancelled, expired or forfeited	(5,656)		41.46
Outstanding as of June 30, 2017	452,744	$	37.86
Exercisable as of June 30, 2017	248,886	$	35.84