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STOCK INCENTIVE AND STOCK OPTION PLANS (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Activity in stock option plans |
The tables below summarize the activity in the Plan:
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Options |
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Weighted-average
Exercise Price
|
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Weighted-average
Remaining
Contractual Life
(in years)
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|
Aggregate
Intrinsic Value
(in millions)
|
Balance at December 31, 2010 |
|
1,073,595 |
|
|
$ |
37.92 |
|
|
|
|
|
|
Granted |
|
316,159 |
|
|
115.71 |
|
|
|
|
|
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Exercised |
|
(134,520 |
) |
|
23.93 |
|
|
|
|
|
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Forfeited |
|
(12,197 |
) |
|
57.68 |
|
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|
|
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|
Balance at December 31, 2011 |
|
1,243,037 |
|
|
59.02 |
|
|
|
|
|
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Granted |
|
321,945 |
|
|
119.34 |
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|
|
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Exercised |
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(241,815 |
) |
|
31.73 |
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|
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Forfeited |
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(13,999 |
) |
|
67.86 |
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Balance at December 31, 2012 |
|
1,309,168 |
|
|
78.80 |
|
|
|
|
|
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Granted |
|
432,370 |
|
|
112.07 |
|
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Exercised |
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(265,528 |
) |
|
40.48 |
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Forfeited |
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(13,674 |
) |
|
105.19 |
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Balance at December 31, 2013 |
|
1,462,336 |
|
|
$ |
95.35 |
|
|
7.33 |
|
$ |
66 |
|
|
|
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Exercisable, December 31, 2011 |
|
721,210 |
|
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$ |
38.75 |
|
|
6.25 |
|
$ |
38 |
|
Exercisable, December 31, 2012 |
|
785,869 |
|
|
$ |
51.40 |
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|
6.26 |
|
$ |
44 |
|
Exercisable, December 31, 2013 |
|
758,936 |
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$ |
76.85 |
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|
5.94 |
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$ |
48 |
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| Weighted-average grant date fair value of performance and restricted shares |
The weighted-average grant date fair value of performance and restricted shares was as follows:
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Performance Shares |
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Restricted Shares |
Nonvested |
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Shares |
|
Weighted-average
Fair Value |
|
Shares |
|
Weighted-average
Fair Value |
Balance at December 31, 2010 |
|
481,771 |
|
|
$ |
45.10 |
|
|
69,890 |
|
|
$ |
51.94 |
|
Granted |
|
229,436 |
|
|
86.65 |
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|
13,555 |
|
|
108.51 |
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Vested |
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(178,653 |
) |
|
48.03 |
|
|
(1,600 |
) |
|
42.61 |
|
Forfeited |
|
(7,163 |
) |
|
59.15 |
|
|
— |
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— |
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Balance at December 31, 2011 |
|
525,391 |
|
|
62.05 |
|
|
81,845 |
|
|
61.49 |
|
Granted |
|
325,590 |
|
|
89.92 |
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|
3,150 |
|
|
91.68 |
|
Vested |
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(194,484 |
) |
|
25.46 |
|
|
(22,766 |
) |
|
52.16 |
|
Forfeited |
|
(26,413 |
) |
|
91.94 |
|
|
— |
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|
— |
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Balance at December 31, 2012 |
|
630,084 |
|
|
86.49 |
|
|
62,229 |
|
|
66.43 |
|
Granted |
|
176,649 |
|
|
106.40 |
|
|
7,506 |
|
|
114.56 |
|
Vested |
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(303,882 |
) |
|
61.48 |
|
|
(26,901 |
) |
|
62.03 |
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Forfeited |
|
(26,938 |
) |
|
85.07 |
|
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(10,293 |
) |
|
65.41 |
|
Balance at December 31, 2013 |
|
475,913 |
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$ |
109.93 |
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|
32,541 |
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$ |
81.49 |
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| Fair value of option grant estimated on the grant date using Black-Scholes option pricing model assumptions |
The fair value of each option grant was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions:
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Years ended December 31, |
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2013 |
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2012 |
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2011 |
Expected life (years) |
|
5 |
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|
5 |
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|
5 |
|
Risk-free interest rate |
|
0.79 |
% |
|
1.05 |
% |
|
1.87 |
% |
Expected volatility |
|
56.59 |
% |
|
58.98 |
% |
|
55.39 |
% |
Dividend yield |
|
1.55 |
% |
|
1.30 |
% |
|
1.30 |
% |
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