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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-Based Compensation | Note 2. Share-Based Compensation The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year. In the nine months ended September 30, 2024 and 2023, the Company awarded 334 and 342 restricted stock units (RSUs), respectively. The RSUs were granted at a weighted-average fair value of $114.90 in 2024 and $113.29 in 2023. The RSUs vest annually over 3 years based on continued employment and are settled upon vesting in shares of the Company's common stock on a one-for-one basis. The value of an RSU award is based on the Company's stock price on the date of grant. Additionally, in both 2024 and 2023, 14 fully vested restricted stock awards were granted to non-employee directors, respectively. The Company also awarded 78 performance stock units (PSUs) in both 2024 and 2023. The PSUs were granted at a weighted-average fair value of $114.90 in 2024 and $113.24 in 2023. Outstanding PSUs include performance conditions to be finally measured in 2024, 2025 and 2026. The final number of PSUs will be determined using an adjustment factor of up to 2 times or down to 0.5 of the targeted PSU grant. If the minimum performance thresholds are not achieved, no shares will be issued. Each PSU will convert to one share of the Company's common stock upon vesting. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year and 487 and 640 shares were issued in the three and nine months ended September 30, 2024 and 2023, respectively. The fair value of the employee stock purchase rights granted was $27.97 and $31.56 per share in 2024 and 2023, respectively. The Company recognizes stock compensation expense based on the fair value of awards granted to employees and directors under the Company’s Amended and Restated 2017 Omnibus Plan and employee stock purchase rights plans. This expense, adjusted for expected performance and forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs on the condensed consolidated statements of earnings. RSUs and PSUs awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately as there is no substantive service period associated with those awards.

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