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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015

 
2,892,717

 

$
26.65

 

 

 

 

 

 

Options granted

 
563,500

 

$
49.01

 

 

 

 

 

 

Special dividend*

 

 —

 

$

 —

 

 

 

 

 

 

Options exercised

 
(865,957)

 

$
19.23

 

 

 

$
32,135

 

Options canceled/forfeited

 
(8,040)

 

$
32.12

 

 

 

 

 

 

Outstanding options at December 31, 2015

 
2,582,220

 

$
32.42

 
5.32

 

$
75,725

 

Exercisable options at December 31, 2015

 
899,680

 

$
23.60

 
3.98

 

$
34,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

    

 

    

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

 

*An adjustment was made to the exercise price and number of ISOs outstanding for the special cash dividends paid during December 2014 and 2013. “Special dividend” represents the incremental ISOs issued as a result of these adjustments. No adjustments were made to ISOs in 2015 as all ISOs had been exercised before the special dividend occurred.

Schedule of stock option assumptions for fair value estimate

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Weighted-average fair value of grants

 

$
9.25

 

$
7.89

 

$
6.88

 

Risk-free interest rates

 

 
1.54

%  

 
1.70

%  

 
0.87

%  

Dividend yield

 

 
1.81

%  

 
1.94

%  

 
2.00

%  

Expected volatility

 

 
22.91

%  

 
23.17

%  

 
25.40

%  

Expected option life

 

 
5.21

years

 
5.19

years

 
5.26

years