v3.25.1
Share-Based Compensation
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the three months ended March 31, 2025, we granted 198,300 non-qualified employee stock options, 25,680 restricted stock units, 32,680 performance shares, and 1,268 restricted stock units awarded to non-employee directors. For the three months ended March 31, 2025, total share-based compensation expense was $6.1 million and the related tax benefits were $1.5 million. For the three months ended March 31, 2024, total share-based compensation expense was $5.4 million and the related tax benefits were $1.4 million.

The estimated fair value of our 2025 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:
2025
Weighted-average estimated fair value$49.30 
Quarterly dividend rate$0.61 
Expected term of stock options, in years4.1
Risk-free interest rate4.3 %
Dividend yield1.5 %
Expected stock price volatility25.9 %
Present value of dividends$9.20