Our outstanding stock incentive awards have been granted under two incentive plans – the 2012 Stock Incentive Plan and the 2019 Stock Incentive Plan, as amended and restated (the “2019 Plan”).

In February 2025, we issued 29,500 restricted stock awards under the 2019 Plan to executive officers with a grant date fair value of $73.34 per share based on the fair market value of our common stock on the grant date. The restricted stock awards vest over five years, with 20% vesting on each anniversary of the grant date beginning with the grant date, and are subject to a one-year post-vesting hold. The restricted stock awards have a non-forfeitable right to dividends or dividend equivalents during the vesting period. During the six months ended June 30, 2025, 7,200 restricted stock awards vested. As of June 30, 2025, we had 54,100 unvested restricted stock awards outstanding.

During the six months ended June 30, 2025, we granted options to purchase 567,000 shares of our common stock under the 2019 Plan, which had a weighted average grant date fair value of $9.34 per share.

The fair value of options granted was estimated at the grant dates using the Black-Scholes option-pricing model and the following weighted average assumptions:


	Six Months Ended
	June 30,
	2025	2024
Dividend yield	5.2%	6.4%
Expected volatility	24.0%	26.1%
Expected lives	2.94 years	2.9 years
Risk-free interest rate	3.94%	4.49%


				Weighted
		Weighted		Average
		Average		Remaining
	Number	Exercise Price		Contractual
	of Options	Per Share		Life (Years)
Options outstanding at December 31, 2023	2,447,171	$	68.80
Granted	431,000	$	57.76
Exercised	(122,174)	$	54.03

Expired	(301,837)	$	79.96
Options outstanding at June 30, 2024	2,454,160	$	66.23
Options exercisable at June 30, 2024	2,113,466	$	67.74

Options outstanding at December 31, 2024	1,416,215	$	71.06
Granted	567,000	$	73.38
Exercised	(106,817)	$	59.29
Forfeited	(46,836)	$	62.80
Expired	(491,000)	$	90.79
Options outstanding at June 30, 2025	1,338,562	$	66.04	3.1
Options exercisable at June 30, 2025	918,041	$	64.49	2.6

As of June 30, 2025, the intrinsic values of our stock options outstanding and exercisable were $7.3 million and $6.0 million, respectively.

Share-based compensation expense, net of any forfeitures, is included in general and administrative costs in our condensed consolidated statements of income and summarized below ($ in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Restricted stock awards	$	351	$	186	$	575	$	344
Stock options	720		501		3,054		2,498
Total share-based compensation expense	$	1,071	$	687	$	3,629	$	2,842

As of June 30, 2025, we had unrecognized share-based compensation expense of $5.1 million that is expected to be recognized over the following periods: remainder of 2025 - $2.0 million, 2026 - $2.0 million, 2027 - $0.7 million, 2028 - $0.3 million and thereafter - $0.1 million.