STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY


13.			STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY

General—The Company has a stock incentive plan (the “Stock Incentive Plan”) and an employee stock purchase plan (the “ESPP”) that are administered by the Compensation and Talent Development Committee of the Board of Directors. Under the Stock Incentive Plan, the Company can issue shares to employees and directors in the form of restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance share units (“PSUs”). Changes in common stock and additional paid in capital during the nine months ended September 30, 2025 primarily relate to activity associated with the Stock Incentive Plan, the ESPP, shares withheld for taxes and repurchases of the Company’s common stock.

Share Grants—During the nine months ended September 30, 2025, the Company granted the following awards under the Stock Incentive Plan:


	Shares	Weighted Average Grant-Date Fair Value per Share
RSAs	4	$	179.65
RSUs	46	$	176.14
PSUs – EPS Based (at target)	27	$	167.05
PSUs – Market Based	8	$	235.99

Total shares granted	85

Share Issuances—During the nine months ended September 30, 2025, the Company issued the following shares under the Stock Incentive Plan and the ESPP:


						Shares
RSAs (issued upon grant)						4
RSUs (issued upon vesting)						47
PSUs – EPS Based (issued upon vesting)						107
PSUs – Liability Based (issued upon vesting)						5
ESPP (issued upon sale)						9
Total shares issued						172

Stock-Based Compensation—The Company recognized $5,599 and $17,190 of stock-based compensation expense during the three and nine months ended September 30, 2025, respectively. The Company recognized $4,776 and $13,097 of stock-based compensation expense during the three and nine months ended September 30, 2024, respectively. ESPP expense, which is included in the total stock-based compensation expense, was $81 and $248 for the three and nine months ended September 30, 2025, respectively, and was $64 and $195 for the three and nine months ended September 30, 2024, respectively. Additionally, the Company has liability-based PSUs for which the number of shares awarded is not determined until the vesting date. During the nine months ended September 30, 2025 and 2024, the Company recognized $1,051 and $656, respectively, as a liability and compensation expense, and upon vesting, reclassified the grant date fair value of $632 and $3,200, respectively, from a liability to additional paid in capital. Stock-based compensation expense is primarily recognized within general and administrative expense. The Company recognizes forfeitures as they occur, rather than estimating expected forfeitures.

Shares Withheld for Taxes—The Company withheld 11 and 61 shares for taxes on the vesting of RSU and PSU stock-based compensation for $3,524 and $9,650 during the three and nine months ended September 30, 2025, respectively.

Treasury Stock—On December 5, 2023, the Board of Directors approved a program that authorized repurchases of up to $200,000 of the Company’s common stock. Under the program, the Company may repurchase its common stock in the open market or through privately negotiated transactions at such times and at such prices as determined to be in the Company’s best interest. The Company accounts for the repurchase of treasury shares under the cost method. Under the program, the Company repurchased 17 and 357 shares of its common stock for $4,700 and $48,546 during the three and nine months ended September 30, 2025, respectively. The program expires on December 5, 2025 and may be modified, extended or terminated by the Board of Directors at any time.