v3.26.1
Stock-Based Compensation Plans (Tables)
6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of stock options Details of the outstanding awards and activity under the 2026 Plan and 2009 Plan for the six months ended June 30, 2026 are presented below.
Stock Options:
OptionsWeighted average exercise
price per option
Options Outstanding at December 31, 2025
271,576 $183.28 
Granted (1)23,316 179.67 
Exercised(2,444)180.32 
Forfeited— — 
Expired— — 
Options Outstanding at June 30, 2026
292,448 $183.01 
Options Exercisable at June 30, 2026
258,599 $182.55 
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(1)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Schedule of nonvested performance awards granted
Performance Awards:
Performance awardsWeighted average grant date fair value per award
Outstanding at December 31, 2025
256,377 $199.94 
  Granted99,434 173.73 
  Change in awards based on performance (1)31,695 198.68 
  Converted to shares of common stock(123,221)198.41 
  Forfeited(1,580)201.43 
Outstanding at June 30, 2026
262,705 $190.57 
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(1)Represents the change in the number of performance awards earned based on performance achievement.
The number of performance awards granted that are based on total shareholder return metrics and financial metrics are as follows:
2026
Total shareholder return metrics54,687
Financial metrics44,747
Total granted99,434
Summary of valuation options
The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
2026
Dividend yield4.0%
Estimated volatility over the life of the plan (1)
17.2% - 21.7%
Risk free rate
3.39% - 3.43%
Estimated performance award value based on total shareholder return measure$168.69
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(1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Schedule of restricted stock granted
Restricted Stock:
Restricted stock sharesWeighted average grant date fair value per share
Outstanding at December 31, 2025
167,179 $195.76 
  Granted111,224 179.73 
  Vested(88,553)189.43 
  Forfeited(1,518)192.57 
Outstanding at June 30, 2026
188,332 $189.29