As of June 30, 2025, approximately 2,179,000 shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2024 Form 10-K.

Stock-based compensation expense recognized in the Consolidated Statements of Income was $10.2 million in the second quarter of 2025 and $9.0 million in the second quarter of 2024, and $20.6 million and $18.1 million in the six months ended June 30, 2025 and 2024, respectively.

A summary of the Plans’ stock option activity for the six months ended June 30, 2025 and June 30, 2024 is presented below:


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2025	10,825	$	43.76
Granted	—	—
Exercised	(5,150)	42.61
Forfeited or canceled	—	—
Outstanding at June 30, 2025	5,675	$	44.81	3.2	$	449
Exercisable at June 30, 2025	5,675	$	44.81	3.2	$	449


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2024	13,100	$	42.76

Granted	—	—
Exercised	(775)	32.26
Forfeited or canceled	—	—
Outstanding at June 30, 2024	12,325	$	43.42	4.0	$	680
Exercisable at June 30, 2024	12,325	$	43.42	4.0	$	680

(2)Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock.

The aggregate intrinsic value of options exercised during the six months ended June 30, 2025 and June 30, 2024, was approximately $467,000 and $50,000, respectively. Cash received from option exercises under the Plans for the six months ended June 30, 2025 and June 30, 2024 was approximately $220,000 and $25,000, respectively.

A summary of the Plans’ restricted share activity for the six months ended June 30, 2025 and June 30, 2024 is presented below:


	Six months ended June 30, 2025			Six months ended June 30, 2024
Restricted Shares	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	880,866	$	90.95	746,123	$	79.60
Granted	254,059	133.14		389,198	99.50
Vested and issued	(201,993)	94.27		(228,719)	69.54
Forfeited or canceled	(17,703)	106.93		(7,893)	91.47
Outstanding at June 30	915,229	$	101.62	898,709	$	90.68
Vested, but deferred, at June 30	101,426	$	55.02	99,844	$	53.98

A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the six months ended June 30, 2025 and June 30, 2024 is presented below:


	Six months ended June 30, 2025			Six months ended June 30, 2024
Performance-based Stock	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	454,017	$	93.57	553,026	$	79.69
Granted	87,844	134.58		96,952	58.78
Added by performance factor at vesting	75,461	96.51		111,304	100.44
Vested and issued	(230,957)	95.26		(295,644)	58.69
Forfeited or canceled	(7,376)	104.88		(3,154)	95.94
Outstanding at June 30	378,989	$	102.41	462,484	$	93.61
Vested, but deferred, at June 30	13,231	$	40.53	21,593	$	43.95