Quite true, but if you wish someday to sell the split shares to lock in part of the profit, and move money to a different stock as a diversification tactic. It feels easier to sell half of your shares, unless you are holding a large number of shares. I still feel the average person prefers to buy lesser priced stocks than expensive stocks so they can diversify their portfolio.
The last split was 5/31/2005 after maintaining 100+ for nearly 6 months. It's maintained 100+ with very few dips under that since July 2013. The stock is within more people's reach in the 50 - 60 price range than 110 -120.
Most stocks are a lot less scary to many people in the 50's than in the 110 range. History shows that 110 - 120 is a range that the directors have frequently chosen to declare a split. I feel the stock has held the 100 plus price for long enough to warrant a split.