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Equity Incentive Plan (Tables)
9 Months Ended
Sep. 30, 2025
Equity Incentive Plan  
Schedule of restricted share activity

Restricted share activity is summarized as follows:

    

Shares

    

Weighted Average

Outstanding

Grant Date

(in thousands)

Fair Value

Unvested restricted stock at December 31, 2024

 

218

$

63.65

Restricted stock granted

 

84

72.83

Restricted stock vested

(92)

65.43

Restricted stock forfeited

 

(16)

65.48

Unvested restricted stock at September 30, 2025

 

194

$

66.65

Schedule of valuation assumptions used

The following assumptions were used when determining the grant date fair value:

2025

2024

Expected term (years)

2.9

2.9

Volatility

19.6

%

20.0

%

Risk-free rate

4.2

%

4.5

%

Schedule of performance share and unit activity

Performance units activity is summarized as follows:

    

Target Number

    

Weighted Average

of Awards

Grant Date

(in thousands)

Fair Value

Performance units and shares - three-year performance period to be completed at December 31, 2024

157

$

67.50

Performance units granted

90

79.61

Performance units - three-year performance period completed

(34)

68.59

Performance units and shares - three-year performance period to be completed at September 30, 2025

213

$

72.42

Shares

    

Weighted Average

Outstanding

Grant Date

(in thousands)

Fair Value

Performance shares - three-year performance period completed but not yet vested at December 31, 2024

26

$

74.58

Shares earned at completion of three-year performance period (1)

51

68.59

Shares vested

(35)

74.13

Performance shares - three-year performance period completed but not yet vested at September 30, 2025

42

$

67.64

(1)

Performance units granted in 2022 for which the three-year performance period was completed in 2025 were earned at the 150% performance level.