v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We grant stock-based compensation awards, including restricted stock units, phantom stock, and unrestricted stock units, under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan). Prior to December 31, 2020, stock options were also granted as part of the stock-based compensation awards. In the Stock Incentive Plan, we have 13,991,273 shares of common stock authorized for issuance subject to stock splits, dividends, and other similar events, and at June 30, 2025, 3,836,067 shares were available for grant. We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share available for grant under the Plan is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right.

We also award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards, with no impact to the shares available for grant.

In addition, we maintain the Employee Stock Purchase Plan (ESPP), for which 455,735 shares of common stock were available for future issuance at June 30, 2025.

ESPP activity and stock-based grants other than restricted stock units were not significant for the three and six months ended June 30, 2025 and 2024.

Stock-Based Compensation Expense
Total stock-based compensation expense and the related tax benefit were as follows:
Three Months Ended June 30,Six Months Ended June 30,
In thousands2025202420252024
Restricted stock units$16,618 $10,080 $32,956 $21,173 
Unrestricted stock awards220 336 440 672 
Phantom stock units1,867 1,312 2,566 2,761 
Total stock-based compensation$18,705 $11,728 $35,962 $24,606 
Related tax benefit$4,140 $2,551 $8,212 $5,350 
Stock Options
A summary of our stock option activity is as follows:
SharesWeighted
Average Exercise
Price per Share		Weighted Average
Remaining
Contractual Life		Aggregate
Intrinsic Value		Weighted
Average Grant
Date Fair Value
In thousandsYearsIn thousands
Outstanding, January 1, 2024363 $61.36 4.0$5,886 
Granted— — $— 
Exercised(19)44.74 779 
Forfeited— — 
Canceled— — 
Outstanding, June 30, 2024344 $62.27 3.5$12,626 
Outstanding, January 1, 2025274 $64.55 3.2$12,087 
Granted— — $— 
Exercised(83)39.28 6,259 
Forfeited— — 
Canceled— — 
Outstanding, June 30, 2025191 $75.51 3.6$10,745 
Exercisable, June 30, 2025191 $75.51 3.6$10,745 

At June 30, 2025, all stock-based compensation expense related to nonvested stock options has been recognized.

Restricted Stock Units
The following table summarizes restricted stock unit activity:
In thousands, except fair valueNumber of
Restricted Stock Units		Weighted
Average Grant
Date Fair Value		Aggregate
Intrinsic Value
Outstanding, January 1, 2024751 
Granted410 $75.89 
Released (1)
(360)$28,739 
Forfeited(10)
Outstanding, June 30, 2024791 
Outstanding, January 1, 2025831 $67.71 
Granted314 98.14 
Released (1)
(471)66.40 $46,091 
Forfeited(16)80.02 
Outstanding, June 30, 2025658 83.05 
Vested but not released, June 30, 202518 $2,338 

(1) Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

At June 30, 2025, total unrecognized compensation expense on restricted stock units was $65.9 million, which is expected to be recognized over a weighted average period of approximately 1.7 years.
The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows:
Six Months Ended June 30,
20252024
Expected volatility40.7 %45.7 %
Risk-free interest rate4.2 %4.4 %
Expected term (years)2.92.9
Weighted average fair value$105.89 $83.26