Common Stock and Stock-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Text Block] | Stock-based compensation expense totaled approximately $6.3 million and $16.7 million for the three and nine months ended September 30, 2026, respectively. Stock-based compensation expense totaled approximately $5.9 million and $16.6 million for the three and nine months ended September 30, 2025, respectively. The Company's annual grants of share-based awards generally occur in the first and second quarters under our Fifth Amended and Restated Stock Option and Incentive Plan. The following table summarizes stock-based compensation awards granted during the nine months ended September 30, 2026:
The fair value of restricted stock units and restricted stock awards ("RSAs") granted is based on the Company's closing stock price on the date of grant. For the performance units granted during the nine months ended September 30, 2026 for which the payout is based on return on equity, the fair value is based on the Company's closing stock price on the date of grant, adjusted to exclude the cumulative value of dividends over the three-year vesting period as these units do not earn dividend equivalents. For the performance units granted during the nine months ended September 30, 2026 for which the payout is based on relative total shareholder return, the fair value was estimated at the date of grant using a Monte Carlo simulation with the following assumptions that reflect market conditions at the date of grant:
(1) Expected term represents the period from the date of grant to the end of the three-year performance period. (2) Expected volatility is based on the historical and implied volatility of our common stock over the expected term.
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