XML 46 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2016
STOCKHOLDERS' EQUITY [Abstract]  
Effect of compensation cost on earnings
The Company’s results for the years ended December 31, 2016, 2015 and 2014 reflected the following compensation cost and such compensation cost had the following effects on net earnings:

  
Increase/(Decrease) for the
Years Ended December 31,
 
  
2016
  
2015
  
2014
 
Cost of sales
 
$
1,040
  
$
854
  
$
593
 
Operating expenses
  
5,984
   
5,975
   
3,964
 
Net earnings
  
(4,473
)
  
(4,395
)
  
(2,926
)
Assumptions used in the valuation of option awards
The fair value of each option award issued under the 1999 Stock Plan is estimated on the date of grant using a Black-Scholes based option-pricing model that uses the assumptions noted in the following table. Expected volatilities are based on historical volatility of the Company’s stock. The expected term of the options is based on the Company’s historical experience of employees’ exercise behavior. Dividend yields are based on the Company’s historical dividend yields. Risk-free interest rates are based on the implied yields currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life.

 
Weighted Average Assumptions:
 
2016
  
Years Ended
December 31,
 2015
  
2014
 
Expected Volatility
  
34.4
%
  
33.2
%
  
33.7
%
Expected Term (in years)
  
5.0
   
5.5
   
5.6
 
Risk-Free Interest Rate
  
1.2
%
  
1.7
%
  
1.8
%
Dividend Yield
  
0.5
%
  
0.6
%
  
0.5
%
Summary of stock option activity
A summary of stock option plan activity for 2016, 2015, and 2014 for all plans is as follows:

2016
 
# of
Shares
(000s)
  
Weighted Average
Exercise Price
 
Outstanding at beginning of year
  
1,017
  
$
37.29
 
Granted
  
341
   
60.92
 
Exercised
  
(236
)
  
30.44
 
Forfeited
  
(56
)
  
58.23
 
Outstanding at end of year
  
1,066
  
$
45.32
 
Exercisable at end of year
  
604
  
$
34.77
 
 
2015
 
# of
Shares
(000s)
  
Weighted Average
Exercise Price
 
Outstanding at beginning of year
  
1,470
  
$
27.35
 
Granted
  
209
   
58.34
 
Exercised
  
(627
)
  
20.16
 
Forfeited
  
(35
)
  
52.97
 
Outstanding at end of year
  
1,017
  
$
37.29
 
Exercisable at end of year
  
667
  
$
29.19
 

2014
 
# of
Shares
(000s)
  
Weighted Average
Exercise Price
 
Outstanding at beginning of year
  
1,893
  
$
20.94
 
Granted
  
313
   
53.38
 
Exercised
  
(610
)
  
14.92
 
Forfeited
  
(126
)
  
56.03
 
Outstanding at end of year
  
1,470
  
$
27.35
 
Exercisable at end of year
  
1,066
  
$
21.52
 
Other information pertaining to stock option activity
Other information pertaining to option activity during the years ended December 31, 2016, 2015 and 2014 was as follows:

 
Years Ended December 31,
 
 
2016
 
2015
 
2014
 
Weighted-average fair value of options granted
 
$
18.48
  
$
18.35
  
$
17.36
 
Total intrinsic value of stock options exercised ($000s)
 
$
8,609
  
$
24,047
  
$
25,224
 
Additional information relating to stock options outstanding
Additional information related to stock options outstanding under all plans at December 31, 2016 is as follows:

     
Options Outstanding
  Options Exercisable 
Range of Exercise
Prices
  
Shares
Outstanding
(000s)
 
Weighted
Average
Remaining
Contractual
Term
 
Weighted
Average
Exercise
Price
  
Number
Exercisable
(000s)
  
Weighted
Average
Exercise
Price
 
$
13.61 - $34.81
   
356
 
3.5 years
 
$
25.40
   
356
  
$
25.40
 
 
38.10 - 59.95
   
406
 
6.6 years
  
51.03
   
224
   
46.89
 
 
60.01 - 80.26
   
304
 
9.0 years
  
61.00
   
24
   
60.84
 
     
1,066
 
6.2 years
 
$
45.32
   
604
  
$
34.77
 
Non-vested restricted stock activity
Non-vested restricted stock activity for the years ended December 31, 2016, 2015 and 2014 is summarized below:
 
  
Shares (000s)
  
Weighted
Average Grant
Date Fair
Value
 
Non-vested balance as of December 31, 2015
  
150
  
$
47.46
 
Granted
  
19
   
61.22
 
Vested
  
(66
)
  
40.96
 
Forfeited
  
(1
)
  
56.77
 
Non-vested balance as of December 31, 2016
  
102
  
$
54.18
 

  
Shares (000s)
  
Weighted
Average Grant
Date Fair
Value
 
Non-vested balance as of December 31, 2014
  
134
  
$
38.13
 
Granted
  
77
   
55.77
 
Vested
  
(61
)
  
37.35
 
Forfeited
  
-
   
-
 
Non-vested balance as of December 31, 2015
  
150
  
$
47.46
 

  
Shares (000s)
  
Weighted
Average Grant
Date Fair
Value
 
Non-vested balance as of December 31, 2013
  
172
  
$
33.69
 
Granted
  
33
   
54.86
 
Vested
  
(65
)
  
34.19
 
Forfeited
  
(6
)
  
45.32
 
Non-vested balance as of December 31, 2014
  
134
  
$
38.13
 
Non-vested performance share activity
Non-vested performance share activity for the years ended December 31, 2016, 2015 and 2014 is summarized below:

  
Shares (000s)
  
Weighted
Average Grant
Date Fair
Value
 
Non-vested balance as of December 31, 2015
  
20
  
$
58.77
 
Granted
  
22
   
63.15
 
Vested
  
-
   
-
 
Forfeited
  
(8
)
  
60.88
 
Non-vested balance as of December 31, 2016
  
34
  
$
61.06
 

  
Shares (000s)
  
Weighted
Average Grant
 Date Fair
Value
 
Non-vested balance as of December 31, 2014
  
-
  
$
-
 
Granted
  
29
   
58.77
 
Vested
  
-
   
-
 
Forfeited
  
(9
)
  
58.77
 
Non-vested balance as of December 31, 2015
  
20
  
$
58.77
 
 
  
Shares (000s)
  
Weighted
Average Grant
Date Fair
Value
 
Non-vested balance as of December 31, 2013
  
-
  
$
-
 
Granted
  
-
   
-
 
Vested
  
-
   
-
 
Forfeited
  
-
   
-
 
Non-vested balance as of December 31, 2014
  
-
  
$
-