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EMPLOYEE BENEFITS (Tables) - 10K
 12 Months Ended
Dec. 31, 2014
EMPLOYEE BENEFITS  
Schedule of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

    

 

    

Weighted

    

    

 

 

 

 

 

 

Weighted

 

Average

 

Aggregate

 

 

 

Number of

 

Average

 

Remaining

 

Intrinsic

 

 

 

Options

 

Exercise

 

Contractual

 

Value

 

 

 

Outstanding

 

Price

 

Life

 

(in 000’s)

 

Outstanding options at January 1, 2014

 
2,595,084 

 

$
26.04 

 

 

 

 

 

 

Options granted

 
512,000 

 

$
40.46 

 

 

 

 

 

 

Special dividend*

 
415 

 

$
16.72 

 

 

 

 

 

 

Options exercised

 
(214,042)

 

$
18.93 

 

 

 

$
6,164 

 

Options canceled/forfeited

 
(740)

 

$
13.51 

 

 

 

 

 

 

Outstanding options at December 31, 2014

 
2,892,717 

 

$
26.65 

 
5.18 

 

$
65,809 

 

Exercisable options at December 31, 2014

 
1,238,257 

 

$
20.02 

 
3.94 

 

$
36,385 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

    

 

    

Weighted

    

    

 

 

 

 

 

 

Weighted

 

Average

 

Aggregate

 

 

 

Number of

 

Average

 

Remaining

 

Intrinsic

 

 

 

Options

 

Exercise

 

Contractual

 

Value

 

 

 

Outstanding

 

Price

 

Life

 

(in 000’s)

 

Outstanding options at January 1, 2013

 
2,945,204 

 

$
22.22 

 

 

 

 

 

 

Options granted

 
632,700 

 

$
35.67 

 

 

 

 

 

 

Special dividend*

 
272 

 

$
16.38 

 

 

 

 

 

 

Options exercised

 
(935,692)

 

$
17.40 

 

 

 

$
22,422 

 

Options canceled/forfeited

 
(47,400)

 

$
24.86 

 

 

 

 

 

 

Outstanding options at December 31, 2013

 
2,595,084 

 

$
26.04 

 
5.56 

 

$
58,790 

 

Exercisable options at December 31, 2013

 
934,544 

 

$
20.36 

 
4.28 

 

$
26,474 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Weighted

 

Average

 

Aggregate

 

 

 

Number of

 

Average

 

Remaining

 

Intrinsic

 

 

 

Options

 

Exercise

 

Contractual

 

Value

 

 

    

Outstanding

    

Price

    

Life

    

(in 000’s)

 

Outstanding options at January 1, 2012

 
2,561,732 

 

$
21.62 

 

 

 

 

 

 

Options granted

 
669,800 

 

$
31.71 

 

 

 

 

 

 

Special dividend*

 
2,172 

 

$
15.39 

 

 

 

 

 

 

Options exercised

 
(282,260)

 

$
19.03 

 

 

 

$
4,712 

 

Options canceled/forfeited

 
(6,240)

 

$
20.42 

 

 

 

 

 

 

Outstanding options at December 31, 2012

 
2,945,204 

 

$
22.22 

 
5.43 

 

$
29,865 

 

Exercisable options at December 31, 2012

 
1,362,184 

 

$
18.29 

 
4.27 

 

$
19,135 

 

*An adjustment was made to the exercise price and number of ISO options outstanding for the special cash dividends paid during December 2014, 2013 and 2012. “Special dividend” represents the incremental options issued as a result of this adjustment.

Schedule of stock option assumptions for fair value estimate

 

 

 

 

 

 

 

 

 

 

 

 

    

2014

    

2013

    

2012

 

Weighted-average fair value of grants

 

$
7.89 

 

$
6.88 

 

$
6.55 

 

Risk-free interest rates

 

 
1.70 

%  

 
0.87 

%  

 
0.90 

%  

Dividend yield

 

 
1.94 

%  

 
2.00 

%  

 
1.93 

%  

Expected volatility

 

 
23.17 

%  

 
25.40 

%  

 
25.62 

%  

Expected option life

 

 
5.19 

years

 
5.26 

years

 
5.43 

years