During the three months ended March 31, 2026, we granted 195,800 non-qualified employee stock options, 25,514 restricted stock units, 31,380 performance shares, and 1,125 restricted stock units awarded to non-employee directors. For the three months ended March 31, 2026, total share-based compensation expense was $5.8 million and the related tax benefits were $1.4 million. For the three months ended March 31, 2025, total share-based compensation expense was $6.1 million and the related tax benefits were $1.5 million.

The estimated fair value of our 2026 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:


	2026
Weighted-average estimated fair value	$	54.92
Quarterly dividend rate	$	0.66
Expected term of stock options, in years	4.2
Risk-free interest rate	3.5		%
Dividend yield	1.3		%
Expected stock price volatility	24.9		%
Present value of dividends	$	10.32