v3.26.3
Stock-Based Compensation
9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 14 - Stock-Based Compensation

At September 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Service-based RSUs

 

$

1,192

 

 

$

936

 

 

$

3,262

 

 

$

2,526

 

Performance-based RSUs

 

 

1,783

 

 

 

156

 

 

 

3,393

 

 

 

498

 

Cash-settled RSUs

 

 

332

 

 

 

78

 

 

 

668

 

 

 

408

 

Total

 

$

3,307

 

 

$

1,170

 

 

$

7,323

 

 

$

3,432

 

Income tax benefit

 

 

777

 

 

 

275

 

 

 

1,721

 

 

 

806

 

Net expense

 

$

2,530

 

 

$

895

 

 

$

5,602

 

 

$

2,626

 

 

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

 

 

 

September 30, 2026

 

 

Period (years)

 

Service-based RSUs

 

$

3,684

 

 

 

1.50

 

Performance-based RSUs

 

 

6,008

 

 

 

1.93

 

Total

 

$

9,692

 

 

 

1.76

 

 

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 September 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

 

 

786,189

 

 

 

35,100

 

 

 

30,000

 

 

 

14,545

 

 

 

4,722

 

RSUs and cash-settled awards vested and released

 

 

877,755

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awards available for grant

 

 

836,056

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Service-Based Restricted Stock Units

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

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2025

 

 

320,640

 

 

$

34.82

 

Granted

 

 

74,369

 

 

 

57.44

 

Vested and released

 

 

(63,657

)

 

 

44.66

 

Forfeited

 

 

(2,764

)

 

 

47.50

 

Outstanding at September 30, 2026

 

 

328,588

 

 

$

37.95

 

Releasable at September 30, 2026

 

 

169,267

 

 

$

26.42

 

 

Performance-Based Restricted Stock Units

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

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2025

 

 

200,598

 

 

$

44.07

 

Granted

 

 

93,999

 

 

 

57.83

 

Attained by performance

 

 

5,400

 

 

 

43.80

 

Released

 

 

(24,466

)

 

 

43.80

 

Forfeited

 

 

(31,373

)

 

 

43.59

 

Outstanding at September 30, 2026

 

 

244,158

 

 

$

49.48

 

Releasable at September 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 September 30, 2026 and December 31, 2025, we had 36,695 and 39,661 cash-settled RSUs outstanding, respectively. At September 30, 2026 and December 31, 2025 liabilities of $779 and $594, respectively, were included in Accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.