EQUITY (Tables)

3 Months Ended

Mar. 31, 2018

EQUITY

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

	2018
Stock price on grant date	$	51.00
Expected term		3.0	years
Expected volatility		30	%
Risk-free interest rate		2.0	%
Expected dividend yield		1.4	%

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, 2017	30,963	$	53.76	66,701	$	44.83	47,151	$	45.56
Granted	14,100		63.56	23,600		50.99	28,760		54.25
Vested	(5,863)		65.78	(15,197)		49.97	(17,612)		44.83
Cancelled, expired or forfeited	—		—	(116)		49.97	(682)		44.07
Outstanding as of March 31, 2018	39,200	$	55.48	74,988	$	45.72	57,617	$	50.14

Summary of stock option activity

		Weighted
		Average
		Exercise
	Shares	Price
Outstanding as of December 31, 2017	429,729	$	38.58
Granted	40,900		51.00
Exercised	(66,353)		30.09
Cancelled, expired or forfeited	(5,000)		43.71
Outstanding as of March 31, 2018	399,276	$	41.20
Exercisable as of March 31, 2018	288,455	$	39.57