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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation A combined summary of activity in our active stock plans is presented in the table below. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. As of June 30, 2025, there were 2,351,421 shares remaining available for grant for future stock-based compensation awards.
|  | Deferred Stock Units Outstanding |  | Non-Vested Restricted Stock Units Outstanding |  | Performance Stock Units Outstanding |  | Stock Options Outstanding
|  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Shares |  | Weighted- Average Exercise Price
Balance, January 1, 2025 |  | 52,779 |  |  | $ | 95.37 |  |  | 507,862 |  |  | $ | 113.72 |  |  | 230,657 |  |  | $ | 103.65 |  |  | 183,976 |  |  | $ | 65.11 |
Granted |  | 8,760 |  |  | 116.47 |  |  | 2,185 |  |  | 126.04 |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised/vested |  | — |  |  | — |  |  | (3,322) |  |  | 132.18 |  |  | (46,086) |  |  | 121.46 |  |  | (91,470) |  |  | 65.11 |
Forfeited/expired |  | — |  |  | — |  |  | (2,825) |  |  | 111.32 |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2025 |  | 61,539 |  |  | 98.38 |  |  | 503,900 |  |  | 113.66 |  |  | 184,571 |  |  | 99.20 |  |  | 92,506 |  |  | 65.11 |
Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
New shares issued from available authorized shares | — |  |  | — |  |  | — |  |  | — |
Shares issued from available treasury stock | 36,942 |  |  | 38,452 |  |  | 140,878 |  |  | 122,628 |
Proceeds from stock option exercises | $ | 2,248 |  |  | $ | 2,294 |  |  | $ | 5,956 |  |  | $ | 5,209 |
Stock-based compensation expense is recognized ratably over the requisite service period for all awards. All stock option awards currently outstanding are fully vested and the service period for such awards generally matched the vesting period in most cases. The service period for non-vested stock units does not extend past the date the participant reaches 65 years of age. Deferred stock units granted to non-employee directors generally have immediate vesting and the related expense is fully recognized on the date of grant. For performance stock units, the service period generally matches the three-year performance period specified by the award, however, the service period does not extend past the date the participant reaches 65 years of age. Expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. Stock-based compensation expense or benefit and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Non-vested stock units | $ | 3,442 |  |  | $ | 3,100 |  |  | $ | 7,218 |  |  | $ | 6,479 |
Deferred stock units | 1,020 |  |  | 934 |  |  | 1,020 |  |  | 934 |
Performance stock units | 370 |  |  | 489 |  |  | 675 |  |  | 848 |
Total | $ | 4,832 |  |  | $ | 4,523 |  |  | $ | 8,913 |  |  | $ | 8,261 |
Income tax benefit | $ | 906 |  |  | $ | 846 |  |  | $ | 2,579 |  |  | $ | 1,991 |
Unrecognized stock-based compensation expense at June 30, 2025 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Non-vested stock units | $ | 18,606 |
Performance stock units | 12,238 |
Total | $ | 30,844 |

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