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STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2025

STOCK PLANS

Summary of stock option activity

The following table summarizes stock option activity for the year ended December 31, 2025 under all Plans:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	Number of	​	Exercise
​	​ ​ ​	Options	​ ​ ​	Price
Balance at beginning of year		696,546	​	$	135.17
Options granted		54,495	​		215.90
Options exercised		(126,092)	​		91.83
Options canceled	​	(449)	​	​	69.67
Options forfeited	​	(2,817)	​	​	233.40
Balance at end of year		621,683	​		150.63
Exercisable at end of year		521,057	​		137.09

Weighted average assumptions used for estimating fair value of options granted

​

​	​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Expected volatility		​	26.18	%	​	26.90	%	​	27.63	%
Dividend yield		​	1.60	%	​	1.40	%	​	1.59	%
Risk-free interest rate		​	4.37	%	​	4.26	%	​	4.04	%
Expected option life (years)		​	4.8		​	4.8		​	4.8	​
Weighted average fair value per option granted during the year	​	$	55.85	​	$	66.20	​	$	46.94	​

Summary of nonvested stock options

The following table summarizes non-vested stock options for the year ended December 31, 2025:

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	Number of	​	Fair Value at
​	​ ​ ​	Options	​ ​ ​	Grant Date
Balance at beginning of year		110,567	​	$	53.42
Granted		54,495	​		55.85
Vested		(61,170)	​		47.47
Canceled	​	(449)	​	​	16.49
Forfeited	​	(2,817)	​	​	61.67
Balance at end of year		100,626	​		58.05

Summary of information about awards outstanding, by exercise price range

The following table summarizes information about awards outstanding as of December 31, 2025:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding

​

Exercisable

​

​

​

​

Weighted

​

Weighted

​

​

​

Weighted

​

Weighted

​

​

Number of

​

Average

​

Average

​

Number of

​

Average

​

Average

​

​

Stock

​

Exercise

​

Remaining

​

Stock

​

Exercise

​

Remaining

Exercise Price Range

​ ​ ​

Options

​ ​ ​

Price

​ ​ ​

Life (years)

​ ​ ​

Options

​ ​ ​

Price

​ ​ ​

Life (years)

Under $99.99

86,768

​

$

86.43

2.95

86,768

​

$

86.43

2.95

$100.00 - $199.99

387,136

​

133.64

5.95

374,189

​

132.17

5.91

Over $200.00

147,779

​

232.85

8.47

60,100

​

240.86

8.13

​

621,683

​

​

​

6.13

521,057

​

​

​

5.67

Summary of RSU and PSU activity

The following table summarizes RSU and PSU activity for the year ended December 31, 2025 under all Plans:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	Number of	​	Grant Date
​	​ ​ ​	Units	​ ​ ​	Fair Value
Balance at beginning of year		293,418	​	$	176.70
Units granted		118,411	​		205.23
Units vested		(162,121)	​		145.66
Units forfeited		(7,934)	​		201.11
Balance at end of year		241,774	​		210.59

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