v3.26.1
Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Outstanding Equity Awards
The following table provides a summary of the Company's outstanding equity awards (in shares or units, as applicable) as of June 30, 2026:
Restricted stock
Restricted stock related to compensation plans:
Annual grants1,700,720 
Sign-on grants449,873 
Inducement grants14,372 
2022 Inducement Plan grants
253,220 
2024 Inducement Plan grants
138,340 
Total restricted stock related to compensation plans2,556,525 
Restricted stock related to acquisitions (1)919,932 
Total restricted stock3,476,457 
Restricted stock units425,080 
Stock options402,108 
(1)Includes restricted stock with service conditions issued in conjunction with certain acquisitions.
Schedule of Maximum Payout Leverage for Leadership Grants The maximum payout leverage by grant year is as follows:
Maximum Payout Leverage
Grant YearPerformance ConditionMarket Condition Total
202675%75%150%
202575%75%150%
202475%75%150%
2023100%100%200%
202275%75%150%
Schedule of Expected Payout Leverage for Performance Condition RSUs As of June 30, 2026, the expected payout leverage for the performance condition portion of the award by grant year is as follows:
Expected Payout
Grant YearLeverage
202675%
202575%
202475%
Schedule of Market Condition RSU Valuation Assumptions The fair value of the market condition portion of the award was determined on the grant date using a Monte Carlo simulation with the following assumptions:
Risk-Free
Expected Stock
Grant YearVesting YearInterest RatePrice Volatility
202620293.46%33.9%
202520284.32%34.0%
202420274.38%34.3%
202320264.35%47.5%
202220251.80%43.8%
Schedule of Stock Options Valuation Assumptions
The fair value of these stock option awards was estimated on the respective date of grant using the Black-Scholes option-pricing model with the following assumptions:
February 2023February 2018
GrantGrant
Risk-free interest rate3.94 %2.82 %
Dividend yield3.21 %3.22 %
Expected stock price volatility38.50 %37.20 %
Expected life of options (in years)7.07.0
Fair value of options granted (per share)$11.68 $6.12 
Schedule of Stock-Based Compensation Expense
The following table summarizes the Company's stock-based compensation activity:
Three Months EndedSix Months Ended
June 30,June 30,
(Amounts in millions)2026202520262025
Stock-based compensation expense$27.5 $19.7 $55.5 $50.5 
Forfeitures— 0.2 0.2 0.5 
Tax benefit related to stock-based compensation expense5.4 3.4 11.0 9.1 
Changes in Unvested Restricted Stock
The following table summarizes the changes in the Company's unvested restricted stock:
UnvestedWeighted Average
Restricted StockGrant Date
(in Shares)Fair Value 
December 31, 20253,450,544 $47.70 
Granted1,009,544 79.91 
Vested(979,127)47.54 
Canceled(4,504)55.75 
June 30, 20263,476,457 $57.09 
Changes in Unvested Restricted Stock Units
The following table summarizes the changes in the Company's unvested restricted stock units:
UnvestedWeighted Average
RestrictedGrant Date
Stock UnitsFair Value
December 31, 2025454,740 $54.30 
Granted166,064 77.44 
Vested(195,724)44.44 
Canceled— — 
June 30, 2026425,080 $67.88 
Changes in Outstanding Stock Options
The following table summarizes the changes in the Company's outstanding stock options:
Weighted Average
WeightedRemaining
OptionsAverageContractual TermAggregate
Outstanding
Exercise Price
(in Years)Intrinsic Value
December 31, 2025423,068 $37.47 5.7$20,077,175 
Granted— — 
Exercised(20,960)24.75 1,320,423 
Canceled— — 
Expired— — 
June 30, 2026402,108 $38.13 5.4$13,754,320 
Options exercisable at:
June 30, 2026202,108 $33.63 4.1$7,824,320