Shareholders' Equity |
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| Shareholders' Equity | Shareholders’ Equity Stock-Based Compensation The Company has non-qualified stock options and restricted stock units (RSUs) outstanding under its equity compensation plans. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and six months ended June 30, 2026 and 2025, respectively, as follows:
As of June 30, 2026, there was approximately $80,708 of unrecognized compensation cost remaining related to unvested employee stock options and restricted stock units that management expects will vest and is being amortized. The total intrinsic value of options exercised during the six months ended June 30, 2026 was $44,233. The total options exercisable as of June 30, 2026 had an intrinsic value of $195,276. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of June 30, 2026 and the weighted average exercise price of the options. The market value of the Company’s common stock as of June 30, 2026 was $87.71 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of June 30, 2026 was $59.46. Total options that were outstanding as of June 30, 2026 were 12,155,000. Total options that were exercisable as of June 30, 2026 were 6,912,000. Common Stock Buyback The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of common stock on the open market or through private transactions. The Company purchased 3,847,000 shares at a total cost of $320,659 during the six months ended June 30, 2026, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of excise taxes applicable to stock repurchases and certain transactions that settled in the following quarter. As of June 30, 2026, the Company had approximately $382,748 of authorization remaining for the purchase of common stock under the program. The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value. Cash Dividend On May 27, 2026, the Board of Directors declared a cash dividend of $0.52 per share on the Company's common stock, which was paid on June 16, 2026, to shareholders of record on June 8, 2026. Cash dividends declared during the six months ended June 30, 2026 and 2025 were $63,045 and $61,478, respectively.
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