v3.25.4
Stock-based Compensation Expense (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Fixed-Price Stock Options
The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2025:
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2024
555,656 $126.38 5.9$1,255 
Granted226,844 78.97 
Exercised(48,104)67.38 
Forfeited(29,197)98.75 
Outstanding at December 31, 2025
705,199 $116.30 6.4$26,079 
Exercisable at December 31, 2025
479,837 $121.06 5.3$16,189 
Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted
The fair value of each option granted during the years ended December 31, 2025, 2024 and 2023 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Year Ended December 31,
202520242023
Dividend yield1.42 %1.43 %1.26 %
Volatility44.74 %42.44 %40.06 %
Average expected life (years)666
Risk-free interest rate4.29 %4.33 %3.95 %
Fair value of options granted$33.80 $48.70 $98.66 
The calculation used the following weighted-average assumptions:
Year Ended December 31,
202520242023
Volatility52.48 %49.11 %50.41 %
Risk-free interest rate3.97 %4.41 %4.51 %
Activity in Performance Unit Awards
The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2025:
SharesWeighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period277,028 $183.16 
Granted232,976 86.91 
Vested(75,950)187.60 
Forfeited(30,214)116.06 
Nonvested, end of period403,840 131.76 
Activity in Non-Performance Based Restricted Stock Awards
The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2025:
SharesWeighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period206,582 $152.75 
Granted243,613 74.10 
Vested(138,285)131.77 
Forfeited(33,969)104.99 
Nonvested, end of period277,941 100.27