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Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Stock-Based Compensation
The Company has non-qualified stock options and restricted stock units (RSUs) outstanding under its equity compensation plans. The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three and six months ended June 30, 2025 and 2024, respectively, as follows: 
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Stock-based compensation expense$13,891 $12,469 $28,029 $23,528 
Less: Deferred tax benefit(2,554)(2,372)(5,176)(4,584)
Stock-based compensation expense, net of tax$11,337 $10,097 $22,853 $18,944 
The vesting of the Company's RSUs are time-based and are not based on the achievement of performance targets. The majority of the Company's RSUs will vest on the third anniversary of the issuance date. All outstanding stock options have performance-based vesting provisions that tie the vesting of stock options to the Company’s financial performance which are established at the time of grant, as well as a service condition which requires a minimum waiting period from the date
of grant. The performance targets are measured annually on December 31. The amount of stock-based compensation expense recognized in the period is based upon management’s estimate of when the financial vesting targets may be achieved. Any change in management’s estimate could result in the remaining amount of stock-based compensation expense to be accelerated, spread out over a longer period, or reversed. This may cause volatility in the recognition of stock-based compensation expense in future periods and could materially affect the Company’s earnings.
As of June 30, 2025, there was approximately $90,335 of unrecognized compensation cost remaining related to unvested employee stock options and restricted stock units that management expects will vest and is being amortized.
The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the six months ended June 30, 2025 was $35,359. The total options exercisable as of June 30, 2025 had an intrinsic value of $223,933. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of June 30, 2025 and the weighted average exercise price of the options. The market value of the Company’s common stock as of June 30, 2025 was $89.86 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of June 30, 2025 was $59.04. Total options that were outstanding as of June 30, 2025 were 13,838,000. Total options that were exercisable as of June 30, 2025 were 7,267,000.
Common Stock Buyback
The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of common stock on the open market or through private transactions. The Company purchased 4,663,000 shares at a total cost of $373,601 during the six months ended June 30, 2025, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of excise taxes applicable to stock repurchases and certain transactions that settled in the following quarter. As of June 30, 2025, the Company had approximately $295,999 of authorization remaining for the purchase of common stock under the program.
The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.
Cash Dividend
On May 28, 2025, the Board of Directors declared a cash dividend of $0.49 per share on the Company's common stock, which was paid on June 17, 2025, to shareholders of record on June 9, 2025. Cash dividends declared during the six months ended June 30, 2025 and 2024 were $61,478 and $60,285, respectively.