XML 30 R19.htm IDEA: XBRL DOCUMENT v3.26.1
SHARE-BASED AWARDS AND STOCK OPTIONS
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED AWARDS AND OPTIONS SHARE-BASED AWARDS AND STOCK OPTIONS
The following table summarizes share-based compensation expense (benefit) and the related income tax benefit recognized for our share-based awards and stock options:
Three Months Ended
March 31, 2026March 31, 2025
(in thousands)
Share-based compensation expense from continuing operations$46,650 $30,288 
Share-based compensation expense from discontinued operations(7,145)9,452 
Total share-based compensation expense$39,505 $39,740 
Total income tax benefit$5,380 $6,265 
 
The following discussion of our share-based compensation awards includes awards related to continuing and discontinued operations.

Share-Based Awards

The following table summarizes the changes in unvested restricted stock and performance awards for the three months ended March 31, 2026:
SharesWeighted-Average
Grant-Date
Fair Value
(in thousands)
Unvested at December 31, 20252,465 $110.54 
Granted1,142 76.45 
Vested(1,187)109.26 
Forfeited(231)107.00 
Unvested at March 31, 20262,189 $93.39 

The total fair value of restricted stock and performance awards vested during the three months ended March 31, 2026 and 2025 was $129.7 million and $132.1 million, respectively.

For restricted stock and performance awards, we recognized compensation expense of $18.9 million and $35.9 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $158.2 million of unrecognized compensation expense related to unvested restricted stock and performance awards that we expect to recognize over a weighted-average period of 1.9 years.

Stock Options

The following table summarizes stock option activity for the three months ended March 31, 2026: 
OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate Intrinsic Value
(in thousands)(years)(in millions)
Outstanding at December 31, 2025931 $113.43 5.8$0.6
Granted— — 
Forfeited(1)80.62 
Exercised(1)76.99 
Outstanding at March 31, 2026929 $113.47 5.5$—
Options vested and exercisable at March 31, 2026712 $115.76 4.5$—

We recognized compensation expense for stock options of $1.8 million and $2.5 million during the three months ended March 31, 2026 and 2025, respectively. The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was zero and $0.8 million, respectively. As of March 31, 2026, we had $6.6 million of unrecognized compensation expense related to unvested stock options that we expect to recognize over a weighted-average period of 1.4 years.
There were no stock options granted during the three months ended March 31, 2026. The weighted-average grant-date fair value of stock options granted during the three months ended March 31, 2025, was $44.76. Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:
Three Months Ended
March 31, 2025
Risk-free interest rate4.01%
Expected volatility47%
Dividend yield0.88%
Expected term in years5

The risk-free interest rate was based on the yield of a zero coupon U.S. Treasury security with a maturity equal to the expected life of the option from the date of the grant. Our assumption on expected volatility was based on our historical volatility. The dividend yield assumption was determined using our average stock price over the preceding year and the annualized amount of our most current quarterly dividend per share. We based our assumptions on the expected term of the options on our analysis of the historical exercise patterns of the options and our assumption on the future exercise pattern of options.