v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Valuation Assumptions
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,
20252024
Dividend yield5.2%6.4%
Expected volatility24.0%26.1%
Expected lives2.94 years2.9 years
Risk-free interest rate3.94%4.49%
Schedule of Stock Option Activity
The following table summarizes our stock options activity:

Weighted
WeightedAverage
AverageRemaining
NumberExercise PriceContractual
of OptionsPer ShareLife (Years)
Options outstanding at December 31, 20232,447,171 $68.80 
Granted431,000 $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, 20241,416,215 $71.06 
Granted567,000 $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 $64.49 2.6
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
Share-based compensation expense, net of any forfeitures, is included in general and administrative costs in our condensed consolidated statements of income and summarized below ($ in thousands):

Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Restricted stock awards$351 $186 $575 $344 
Stock options720 501 3,054 2,498 
Total share-based compensation expense$1,071 $687 $3,629 $2,842