A summary of stock option activity is as follows:


	Number of Shares	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value of In-the-Money Options ($)
Outstanding as of December 31, 2025	107,200	$	20.11
Exercised	(3,200)	19.95


Outstanding as of March 31, 2026	104,000	$	20.12	0.50	$	2,172,560
Exercisable as of March 31, 2026	104,000	$	20.12	0.50	$	2,172,560

The total intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025, was $0.1 million and $1.2 million, respectively. There were no stock options granted during the three months ended March 31, 2026 or 2025.

During the three months ended March 31, 2026, pursuant to the Company's 2020 Equity and Incentive Compensation Plan, the Company granted performance share awards with a total shareholder return component ("TSRs"). These performance share awards are earned, if at all, based upon achievement, over a specified period that must not be less than one year and is typically a three-year performance period. The awards have operating performance goals that include (i) adjusted EBITDA metrics and (ii) revenue growth rates as determined by the Company with a TSR multiplier up to plus or minus 20%. Up to 200% of the performance shares could be earned upon achievement of the performance goals, including the multiplier. On a quarterly basis, management evaluates the probability that the threshold performance goals will be achieved, if at all, and the anticipated level of attainment to determine the amount of compensation expense to record in the consolidated financial statements.

A summary of nonvested TSRs is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	1,058,606	$	43.22
Granted	499,639	46.44

Forfeited	(38,846)	46.91

Nonvested as of March 31, 2026	1,519,399	$	44.18

The fair value of TSRs granted during the three months ended March 31, 2026 and 2025, were estimated on the date of grant using the Monte Carlo simulation model, acceptable under ASC 718, Compensation - Stock Compensation, using the following weighted average assumptions:


	Three Months Ended March 31,
	2026		2025
Expected life (years)	3.1		2.3
Risk-free interest rate	3.6	%	4.0	%
Expected volatility	33.7	%	33.2	%
Expected dividend yield	—		—

A summary of nonvested restricted share unit awards ("RSUs") is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	1,710,592	$	44.14
Granted	1,255,913	42.55
Vested	(262,780)	38.18
Forfeited	(90,437)	39.84
Nonvested as of March 31, 2026	2,613,288	$	44.12

During the three months ended March 31, 2026, a total of 262,780 RSUs vested. The Company withheld 91,833 of those shares to pay the employees’ portion of the minimum payroll withholding taxes. Certain RSUs vest upon retirement eligibility, but settle on the original contractual settlement date. These awards are reflected as vested when retirement eligibility is achieved and remain outstanding but unsettled until delivery occurs.

As of March 31, 2026, there was unrecognized compensation expense of $106.7 million related to RSUs and $38.0 million related to TSRs, which the Company expects to recognize over a weighted average period of 2.4 years and 2.5 years, respectively.