Common Stock and Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

Stock-based compensation expense totaled approximately $5.3 million and $4.7 million for the three months ended March 31, 2025 and 2024, respectively. The Company's annual grants of share-based awards generally occur in the first and second quarters under our Fifth Amended and Restated Stock Option and Incentive Plan.

The following table summarizes stock-based compensation awards granted during the three months ended March 31, 2025:


	Number of Shares Granted	Weighted Average Grant-Date Fair Value per Award

Restricted stock units	1,338	$	34.39

Performance units	96,775	$	44.63

The fair value of restricted stock units granted is based on the Company's closing stock price on the date of grant. For the performance units granted during the three months ended March 31, 2025 for which the payout is based on relative total shareholder return, the fair value was estimated at the date of grant using a Monte Carlo simulation with assumptions that reflect market conditions at the date of grant, including stock price, risk-free interest rate, expected term, expected volatility, and dividend yield.