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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option Assumptions | The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the years ended 2025, 2024, 2023 using a Black Scholes-Merton Model:
| 2025 |  | 2024 |  | 2023 |
Senior Leadership 1: |  |  |  |  |  |
Expected (annual) dividend rate | $0.40 |  | $0.32 |  | $0.32 |
Expected volatility | 39.29% |  | 37.89% |  | 37.89% |
Risk-free interest rate | 3.97% |  | 4.14% |  | 4.39% |
Expected life (in years) | 4.0 |  | 4.0 |  | 4.0 |
Employees: |  |  |  |  |  |
Expected (annual) dividend rate | $0.40 |  | $0.32 |  | $0.32 |
Expected volatility | 42.66% |  | 33.59% |  | 38.25% |
Risk-free interest rate | 3.90% |  | 4.27% |  | 4.41% |
Expected life (in years) | 3.0 |  | 3.0 |  | 3.0 |
1 Senior Leadership Team (“SLT”) consists of officers and key members of management.
Summary of Stock Options Outstanding | The following is a summary of stock options vested and exercisable as of December 31, 2025:
Range of Exercise Prices |  | Number of Shares |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Intrinsic Value (in thousands)
13.95 | - | 27.58 |  | 979,853 |  |  | 2.69 |  | $ | 26.14 |  |  | $ | 49,099 |
28.28 | - | 37.07 |  | 614,320 |  |  | 4.82 |  | 31.65 |  |  | 27,399 |
37.09 | - | 140.76 |  | 479,173 |  |  | 6.48 |  | 58.20 |  |  | 9,069 |
|  | Total |  | 2,073,346 |  |  | 4.20 |  | $ | 35.18 |  |  | $ | 85,567 |
Summary of Stock Option Activity | A summary of option activity under the plans is as follows:
Stock Options | Shares |  | Weighted Average Exercise Price
Outstanding at Outstanding at December 31, 2024 | 2,957,871 |  |  | $ | 39.83 |
Granted | 472,476 |  |  | 83.63 |
Exercised | (509,996) |  |  | 33.61 |
Forfeited or Expired | (83,238) |  |  | 74.77 |
Outstanding at Outstanding at December 31, 2025 | 2,837,113 |  |  | $ | 47.21 |
Exercisable at Exercisable at December 31, 2025 | 2,073,346 |  |  | $ | 35.18 |
Summary of Performance Share Units Assumptions | The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the years ended 2025, 2024, 2023, using a Monte Carlo Model:
| 2025 |  | 2024 |  | 2023 |
Expected (annual) dividend rate | $0.40 |  | $0.32 |  | $0.32 |
Expected volatility | 41.91% |  | 33.99% |  | 32.71% |
Risk-free interest rate | 3.92% |  | 4.31% |  | 4.66% |
Expected life (in years) | 2.8 |  | 2.8 |  | 2.8 |
Schedule of Nonvested Performance-based Units Activity | A summary of the unvested PSUs is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2024 | 169,348 |  |  | $ | 68.12 |
Granted | 48,360 |  |  | 75.90 |
Additional target payout 1 | 66,359 |  |  | 29.83 |
Vested | (135,209) |  |  | 29.83 |
Forfeited | (4,098) |  |  | 89.84 |
Unvested at December 31, 2025 2, 3 | 144,760 |  |  | $ | 88.31 |
1 The additional number of PSUs earned based on a 196.4% achievement at December 31, 2024 for awards vesting in 2025. 2 Consists of 53,657 PSUs cliff vesting in 2025, 44,163 PSUs cliff vesting in 2026, and 46,940 PSUs cliff vesting in 2027. 3 The 53,657 PSUs cliff vesting in 2025 were approved by the Compensation Committee and issued to holders in January 2026.
Summary of Unvested Restricted Stock Awards | A summary of the unvested restricted stock awards is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested at Unvested at December 31, 2024 | 144,292 |  |  | $ | 61.01 |
Granted | 88,348 |  |  | 85.82 |
Vested | (83,133) |  |  | 53.03 |
Forfeited | (9,799) |  |  | 76.50 |
Unvested at Unvested at December 31, 2025 | 139,708 |  |  | $ | 80.36 |
Summary of Share-Based Compensation Expense | A summary of share-based compensation is as follows:
|  |  |  |  | Years Ended December 31, |
|  |  |  |  | 2025 |  | 2024 |  | 2023 |
Grant date fair value of awards during the period: |  |  |  |  | (in thousands) |
Options |  |  |  |  | $ | 12,845 |  |  | $ | 9,496 |  |  | $ | 5,259 |  |
PSUs |  |  |  |  | 3,671 |  |  | 5,119 |  |  | 4,907 |  |
Restricted tock |  |  |  |  | 7,582 |  |  | 5,157 |  |  | 4,505 |  |
Total |  |  |  |  | $ | 24,098 |  |  | $ | 19,772 |  |  | $ | 14,671 |  |
|  |  |  |  | Years Ended December 31, |
|  |  |  |  | 2025 |  | 2024 |  | 2023 |
Stock-based compensation expense: |  |  |  |  | (in thousands) |
Options |  |  |  |  | $ | 8,183 |  |  | $ | 8,085 |  |  | $ | 8,810 |  |
PSUs |  |  |  |  | 4,461 |  |  | 4,010 |  |  | 2,561 |  |
Restricted tock |  |  |  |  | 5,350 |  |  | 4,634 |  |  | 3,977 |  |
Key employee awards |  |  |  |  | — |  |  | — |  |  | 1,036 |  |
Total |  |  |  |  | $ | 17,994 |  |  | $ | 16,729 |  |  | $ | 16,384 |  |
|  |  |  |  | Years Ended December 31, |
|  |  |  |  | 2025 |  | 2024 |  | 2023 |
Income tax benefit related to share-based compensation |  |  |  |  | (in thousands) |
Options |  |  |  |  | $ | 7,345 |  |  | $ | 14,878 |  |  | $ | 8,138 |  |
PSUs |  |  |  |  | 3,405 |  |  | 169 |  |  | — |  |
Restricted tock |  |  |  |  | 751 |  |  | 1,064 |  |  | 720 |  |
Key employee awards |  |  |  |  | — |  |  | 282 |  |  | — |  |
Total |  |  |  |  | $ | 11,501 |  |  | $ | 16,393 |  |  | $ | 8,858 |  |

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