v3.25.2
Stock-Based Compensation Plans (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of stock options Details of the outstanding awards and activity under the Plan for the six months ended June 30, 2025 are presented below.
Stock Options:
OptionsWeighted average exercise
price per option
Options Outstanding at December 31, 2024
270,862 $181.84 
Granted (1)9,473 221.58 
Exercised(8,759)180.32 
Forfeited— — 
Expired— — 
Options Outstanding at June 30, 2025
271,576 $183.28 
Options Exercisable at June 30, 2025
249,486 $182.29 
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(1)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Schedule of nonvested performance awards granted
Performance Awards:
Performance awardsWeighted average grant date fair value per award
Outstanding at December 31, 2024
250,123 $207.55 
  Granted (1)78,681 223.02 
  Change in awards based on performance (2)34,016 257.33 
  Converted to shares of common stock(103,332)254.95 
  Forfeited(1,363)200.76 
Outstanding at June 30, 2025
258,125 $199.89 
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(1)The shares of common stock that may be earned is based on the total shareholder return metrics for the Company's common stock for 43,277 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 35,404 performance awards.
(2)Represents the change in the number of performance awards earned based on performance achievement.
Summary of valuation options
The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
2025
Dividend yield3.2%
Estimated volatility over the life of the plan (1)
20.4% - 21.6%
Risk free rate
4.00% - 4.01%
Estimated performance award value based on total shareholder return measure$224.11
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(1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Schedule of restricted stock granted
Restricted Stock:
Restricted stock sharesWeighted average grant date fair value per share
Outstanding at December 31, 2024
182,382 $182.59 
  Granted79,227 221.46 
  Vested(86,121)191.64 
  Forfeited(1,423)199.39 
Outstanding at June 30, 2025
174,065 $195.67