v3.26.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the six months ended June 30, 2026 and 2025 using a Black Scholes-Merton Model:
 
Six Months Ended June 30,
20262025
Senior Leadership1:
Expected (annual) dividend rate$0.40$0.40
Expected volatility45.57%39.05%
Risk-free interest rate3.73%3.98%
Expected life (in years)4.04.0
Employees:
Expected (annual) dividend rate$0.40$0.40
Expected volatility47.32%42.44%
Risk-free interest rate3.66%3.92%
Expected life (in years)3.03.0
1 Senior Leadership Team (“SLT”) consists of officers and key members of management.
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of June 30, 2026:
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
17.65-27.58841,721 2.21$26.25 $84,686 
29.29-37.07392,594 4.2631.42 37,468 
37.09-141.70520,783 6.8166.36 31,511 
Total1,755,098 4.03$39.31 $153,665 
Summary of Stock Option Activity
A summary of option activity under the plans is as follows:
Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 20252,837,113 $47.21 
Granted
570,756 91.83 
Exercised
(646,938)44.98 
Forfeited or Expired
(48,802)83.12 
Outstanding at June 30, 20262,712,129 $56.49 
Exercisable at June 30, 20261,755,098 $39.31 
Summary of Performance Share Units Assumptions
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the six months ended June 30, 2026 and 2025, using a Monte Carlo Model:
Six Months Ended June 30,
20262025
Expected (annual) dividend rate$0.40$0.40
Expected volatility48.04%41.91%
Risk-free interest rate3.64%3.92%
Expected life (in years)2.82.8
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2025144,760 $88.31 
Granted
57,664 132.14 
Payout adjustment1
(8,998)84.42 
Vested
(44,471)84.42 
Forfeited
(5,765)100.87 
Unvested at June 30, 2026 2
143,190 $106.91 
1 PSU payout adjustment based on a 83.2% achievement at December 31, 2025 for awards vesting in 2026.
2 Consists of 42,222 PSUs cliff vesting in 2027, 44,759 PSUs cliff vesting in 2028, and 56,209 PSUs cliff vesting in 2029.
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2025139,708 $80.36 
Granted
115,701 92.35 
Vested
(65,263)77.31 
Forfeited
(6,217)84.82 
Unvested at June 30, 2026183,929 $88.83 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:
Six Months Ended June 30,
20262025
Grant date fair value of awards during the period:(in thousands)
Options$18,458 $11,809 
PSUs$7,620 3,501 
Restricted stock$10,685 7,184 
Total$36,763 $22,494 
Six Months Ended June 30,
20262025
Stock-based compensation expense:(in thousands)
Options$5,316 $4,066 
PSUs2,082 2,186 
Restricted stock3,304 2,543 
Total$10,702 $8,795 
Six Months Ended June 30,
20262025
Income tax benefit related to share-based compensation(in thousands)
Options$12,086 $4,994 
PSUs(66)3,334 
Restricted stock374 692 
Total$12,394 $9,020