v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the six months ended June 30, 2025 and 2024, using a Black Scholes-Merton Model:
 Six months ended
 June 30,
2025		June 30,
2024
Senior Leadership1:
  
Expected (annual) dividend rate$0.40$0.32
Expected volatility39.05%37.90%
Risk-free interest rate3.98%4.14%
Expected life (in years)4.04.0
Employees:
Expected (annual) dividend rate$0.40$0.32
Expected volatility42.44%33.51%
Risk-free interest rate3.92%4.28%
Expected life (in years)3.03.0
1 Senior Leadership consists of officers and key members of management.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the six months ended June 30, 2025 and 2024, using a Monte Carlo Model:
 Six months ended
 June 30,
2025		June 30,
2024
 
Expected (annual) dividend rate$0.40$0.32
Expected volatility41.91%33.99%
Risk-free interest rate3.92%4.31%
Expected life (in years)2.82.8
Summary of Stock Options Outstanding The following is a summary of stock options vested and exercisable as of June 30, 2025:
 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$13.95 -$27.58 1,027,644 3.14$25.93 $49,139 
$28.28 -$37.07 700,225 5.3831.86 29,331 
$37.09 -$140.76 502,217 7.0058.64 8,241 
Total2,230,086 4.72$35.16 $86,711 
Summary of Stock Option Activity A summary of stock option activity under the plans is as follows:
Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 2024
2,957,871 $39.83 
Granted
435,846 83.62 
Exercised
(320,250)31.30 
Forfeited or Expired
(34,635)71.53 
Outstanding at June 30, 2025
3,038,832 $46.65 
Exercisable at June 30, 2025
2,230,086 $35.16 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2024
144,292 $61.01 
Granted
83,512 86.03 
Vested
(78,370)53.06 
Forfeited
(3,489)74.43 
Unvested at June 30, 2025
145,945 $79.27 
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2024
169,348 $68.12 
Granted
46,131 75.90 
Additional payout1
66,359 29.83 
Vested
(135,209)29.83 
Forfeited
(772)90.28 
Unvested at June 30, 20252
145,857 $88.54 
1 The additional number of PSUs earned based on a 196.4% achievement at December 31, 2024 for awards vesting in 2025.
2 Consists of 54,761 PSUs cliff vesting December 31, 2025, 45,371 PSUs cliff vesting December 31, 2026, and 45,725 PSUs cliff vesting December 31, 2027.
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:
Three Months EndedSix Months Ended
 June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Grant date fair value of awards during the period:(in thousands)
Options$1,336 $412 $11,809 $9,120 
PSUs798 96 3,501 5,057 
Restricted stock1,978 837 7,184 5,029 
Total$4,112 $1,345 $22,494 $19,206 
Share-based compensation expense:
Options$2,187 $2,046 $4,066 $4,253 
PSUs1,169 1,227 2,186 1,851 
Restricted stock1,418 1,221 2,543 2,347 
Total$4,774 $4,494 $8,795 $8,451 
Income tax benefit (deficiency) related to share-based compensation:
Options$1,837 $2,081 $4,994 $5,228 
PSUs(138)— 3,334 169 
Restricted stock157 163 692 971 
Key Employee Awards— — — 282 
Total$1,856 $2,244 $9,020 $6,650