Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

We have an incentive plan under which stock awards, stock units, and other share-based compensation may be granted to officers, non-employee directors, and key employees of the Company. Under the terms of this plan, 3,250,000 shares were authorized, and 599,493 shares remain available for grant or issuance as of December 31, 2024. Any issuances under this plan are valued at the fair market value of our common stock on the grant date. Forfeitures are recognized as they occur.

The following table summarizes activity regarding restricted stock units since December 31, 2021:


	Shares	Weighted Average Price
Balance, December 31, 2021	404,468	$	79.16
Granted	107,621	$	123.52
Forfeited	(4,665)	$	105.88
Vested	(189,830)	$	67.40
Balance, December 31, 2022	317,594	$	100.83
Granted	103,024	$	156.06
Forfeited	(3,018)	$	118.59
Vested	(122,751)	$	90.38
Balance, December 31, 2023	294,849	$	124.30
Granted	93,636	$	279.05
Forfeited	(409)	$	185.51
Vested	(139,262)	$	105.65
Balance, December 31, 2024	248,814	$	192.87

An aggregate of 30,879 restricted stock units granted to current non-employee directors vested as of December 31, 2024, but, at the election of such directors, issuance has been deferred for up to 10 years from the date of vest. In addition, an aggregate of 13,087 restricted stock units granted to a former employee vested as of April 1, 2024 but, in accordance with plan documents, were not issued until January 2025.

We recognized approximately $20.0 million, $13.7 million, and $12.1 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to our incentive plan for the years ended December 31, 2024, 2023, and 2022, respectively. We have approximately $15.9 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to 3 years.

NOTE 13 - SHARE-BASED COMPENSATION PLANS (Continued)

The income tax benefit derived in 2024, 2023, and 2022 as a result of share-based compensation was approximately $5.7 million, $3.3 million, and $3.9 million, respectively, of which approximately $4.0 million, $1.7 million, and $1.7 million, respectively, represented excess tax benefits.