v3.26.1
Stock-Based Compensation
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 14 - Stock-Based Compensation

At June 30, 2026, we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”); the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”); the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”); the 2014 Performance and Incentive Compensation Plan (“2014 Plan”); and the 2018 Equity and Incentive Compensation Plan (“2018 Plan”). Future grants can only be made under the 2018 Plan.

The 2018 Plan allows for grants of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares, performance units, and other stock awards subject to its terms.

The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service-based RSUs

 

$

1,066

 

 

$

643

 

 

$

2,070

 

 

$

1,591

 

Performance-based RSUs

 

 

799

 

 

 

(143

)

 

 

1,610

 

 

 

341

 

Cash-settled RSUs

 

 

139

 

 

 

116

 

 

 

336

 

 

 

331

 

Total

 

$

2,004

 

 

$

616

 

 

$

4,016

 

 

$

2,263

 

Income tax benefit

 

 

471

 

 

 

145

 

 

 

944

 

 

 

532

 

Net expense

 

$

1,533

 

 

$

471

 

 

$

3,072

 

 

$

1,731

 

 

The following table summarizes the unrecognized compensation expense related to unvested RSUs by type and the weighted-average period in which the expense is to be recognized:

 

 

 

Unrecognized

 

 

 

 

 

 

Compensation

 

 

Weighted-

 

 

 

Expense at

 

 

Average

 

 

 

June 30, 2026

 

 

Period (years)

 

Service-based RSUs

 

$

4,016

 

 

 

1.47

 

Performance-based RSUs

 

 

5,460

 

 

 

2.08

 

Total

 

$

9,476

 

 

 

1.82

 

 

We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards.

The following table summarizes the status of these plans as of June 30, 2026:

 

 

 

2018 Plan

 

 

2014 Plan

 

 

2009 Plan

 

 

2004 Plan

 

 

Directors'
Plan

 

Awards originally available

 

 

2,500,000

 

 

 

1,500,000

 

 

 

3,400,000

 

 

 

6,500,000

 

 

N/A

 

Maximum potential awards outstanding

 

 

732,428

 

 

 

35,100

 

 

 

30,000

 

 

 

14,545

 

 

 

4,722

 

RSUs and cash-settled awards vested and released

 

 

874,505

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards available for grant

 

 

893,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service-Based Restricted Stock Units

The following table summarizes the service-based RSU activity for the six months ended June 30, 2026:

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2025

 

 

320,640

 

 

$

34.82

 

Granted

 

 

60,116

 

 

 

56.75

 

Vested and released

 

 

(60,407

)

 

 

44.75

 

Forfeited

 

 

(2,764

)

 

 

47.50

 

Outstanding at June 30, 2026

 

 

317,585

 

 

$

37.00

 

Releasable at June 30, 2026

 

 

169,267

 

 

$

26.42

 

 

Performance-Based Restricted Stock Units

The following table summarizes the performance-based RSU activity for the six months ended June 30, 2026:

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2025

 

 

200,598

 

 

$

44.07

 

Granted

 

 

72,620

 

 

 

57.09

 

Attained by performance

 

 

5,400

 

 

 

43.80

 

Released

 

 

(24,466

)

 

 

43.80

 

Forfeited

 

 

(31,373

)

 

 

43.59

 

Outstanding at June 30, 2026

 

 

222,779

 

 

$

48.44

 

Releasable at June 30, 2026

 

 

 

 

$

 

 

Cash-Settled Restricted Stock Units

Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At June 30, 2026 and December 31, 2025, we had 36,695 and 39,661 cash-settled RSUs outstanding, respectively. At June 30, 2026 and December 31, 2025 liabilities of $446 and $594, respectively, were included in Accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.