EMPLOYEE BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

EMPLOYEE BENEFITS

Schedule of stock option activity

The following tables summarize option activity in 2019, 2018 and 2017:

				Weighted
		Weighted		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	Outstanding	Price		Life	(in 000’s)
Outstanding options at January 1, 2019	1,964,880	$	54.24
Options granted	356,900	$	82.63
Options exercised	(533,940)	$	45.96		$	20,033
Options canceled/forfeited	(120,550)	$	60.48
Outstanding options at December 31, 2019	1,667,290	$	62.52	5.20	$	46,051
Exercisable options at December 31, 2019	642,365	$	53.93	3.80	$	23,197

				Weighted
		Weighted		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	Outstanding	Price		Life	(in 000’s)
Outstanding options at January 1, 2018	2,257,015	$	46.80
Options granted	432,000	$	64.91
Options exercised	(705,785)	$	36.81		$	24,304
Options canceled/forfeited	(18,350)	$	60.84
Outstanding options at December 31, 2018	1,964,880	$	54.24	5.25	$	29,317
Exercisable options at December 31, 2018	724,730	$	46.62	3.79	$	16,212

				Weighted
		Weighted		Average	Aggregate
	Number of	Average		Remaining	Intrinsic
	Options	Exercise		Contractual	Value
	Outstanding	Price		Life	(in 000’s)
Outstanding options at January 1, 2017	2,207,110	$	40.90
Options granted	482,375	$	57.12
Options exercised	(390,870)	$	26.07		$	12,779
Options canceled/forfeited	(41,600)	$	48.30
Outstanding options at December 31, 2017	2,257,015	$	46.80	4.88	$	32,620
Exercisable options at December 31, 2017	975,055	$	38.66	3.25	$	21,780

Schedule of stock option assumptions for fair value estimate

	2019			2018			2017
Weighted-average fair value of grants	$	13.49		$	10.58		$	8.00
Risk-free interest rates		2.26	%		2.72	%		1.90	%
Dividend yield		2.69	%		2.98	%		3.60	%
Expected volatility		22.71	%		22.87	%		22.95	%
Expected option life		4.96	years		5.07	years		5.05	years