EQUITY (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of repurchases of shares from employees to satisfy tax withholding and stock exercise obligations

		Aggregate
	Shares	Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2016	38,279	$	2,775	$	72.50
2015	37,567		2,705		72.01
2014	34,293		2,160		63.01

Summary of stock option activity

	Year Ended December 31, 2016
				Weighted Average
		Weighted Avg.		Remaining
	Number of	Exercise		Contractual	Aggregate
	Options	Price		Term (Years)	Intrinsic Value
Outstanding at January 1, 2016	268,875	$	38.64
Granted	—		—
Exercised	(43,053)		32.70
Outstanding at December 31, 2016	225,822		39.77	3.9	$	9,114,963
Vested and expected to vest at December 31, 2016	225,554		39.73	3.9	$	9,112,630
Exercisable at December 31, 2016	222,072		39.23	3.8	$	9,082,338

	Year Ended December 31, 2015
				Weighted Average
				Remaining
	Number of	Weighted Avg.		Contractual	Aggregate
	Options	Exercise Price		Term (Years)	Intrinsic Value
Outstanding at January 1, 2015	351,253	$	36.55
Granted	5,000		71.43
Exercised	(87,378)		32.14
Outstanding at December 31, 2015	268,875		38.64	4.7	$	10,646,006
Vested and expected to vest at December 31, 2015	268,011		38.53	4.7	$	10,640,134
Exercisable at December 31, 2015	248,875		38.05	4.5	$	9,998,956

Summary of information relating to options granted and exercised

The following table summarizes information relating to options granted and exercised during the years ended December 31, 2016, 2015 and 2014 (in thousands, except fair value of options granted data):

	2016		2015		2014
Weighted-average fair value of options granted	$	—	$	30.70	$	N/A
Aggregate intrinsic value of options exercised		1,591		3,488		1,098
Cash proceeds received upon exercise of options		1,060		1,999		1,621
Excess tax benefits from share-based compensation		591		1,423		513

Schedule of weighted-average assumptions using Black-Scholes option-pricing model for estimating fair value of each option granted

Risk-free interest rate	1.55	%
Expected dividend yield	1.76	%
Expected life	6.25	years
Expected volatility	51.85	%

Summary of restricted stock activity

The following table summarizes restricted stock activity during the year ended December 31, 2016:

		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2016	218,401	$	60.60
Granted	100,005		73.34
Forfeited	(1,125)		66.44
Vested and issued	(88,241)		58.01
Unvested as of December 31, 2016	229,040	$	67.13

The following table summarizes restricted stock activity during the year ended December 31, 2015:

		Weighted Avg.
	Shares	Fair Value
Unvested as of January 1, 2015	195,143	$	55.13
Granted	93,864		66.26
Forfeited	(1,687)		65.18
Vested and issued	(68,919)		52.70
Unvested as of December 31, 2015	218,401	$	60.60

2004 and 2016 Repurchase Plan

Schedule of shares repurchased

		Aggregate
	Shares	Cost		Average
Year ended December 31,	Repurchased	(in thousands)		Repurchase Price
2016	32,407	$	2,195	$	64.72
2015	—		—		—
2014	—		—		—