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Share-Based Compensation and Capital Stock | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation and Capital Stock | Share-Based Compensation and Capital Stock Share-Based Compensation The Company has stock compensation plans pursuant to which it is authorized to grant share-based awards, including restricted stock, stock options, stock appreciation rights, and performance-based share awards, to officers, key employees, and non-employee directors with contractual terms that are set by the Compensation and Management Development Committee of the Board of Directors. Approximately 1.1 million shares of the Company's common stock remain available for grant as of December 31, 2024. The Company’s policy allows the issuance of new common stock shares or treasury shares to satisfy the share-based awards. For the year ended December 31, 2024, the following table presents a summary of the share-based award activity:
| 2024
| Stock Options |  | Restricted Stock |  | Performance Vested Restricted Stock Units
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2024 | 943,641 |  |  | $ | 102.90 |  |  |  |  | 361,668 |  |  | $ | 136.05 |  |  | 458,495 |  |  | $ | 136.14 |
Granted | 78,988 |  |  | 111.94 |  |  |  |  | 69,249 |  |  | 115.57 |  |  | 147,943 |  |  | 115.04 |
Performance-based leveraging* | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 31,468 |  |  | 116.43 |
Exercised/vested | (249,059) |  |  | 80.03 |  |  |  |  | (59,266) |  |  | 111.50 |  |  | (146,675) |  |  | 107.54 |
Expired | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (8,028) |  |  | 108.79 |
Forfeited | (1,929) |  |  | 126.23 |  |  |  |  | (16,246) |  |  | 124.09 |  |  | (15,682) |  |  | 131.59 |
Outstanding as of December 31, 2024 | 771,641 |  |  | $ | 111.15 |  |  | 6.2 years |  | 355,405 |  |  | $ | 136.67 |  |  | 467,521 |  |  | $ | 137.74 |
Options exercisable as of December 31, 2024 | 481,522 |  |  | $ | 104.67 |  |  | 5.3 years |  |  |  |  |  |  |  |
* The outstanding PVRSUs have been adjusted by 31,468 net units during the year ended December 31, 2024, due to an increase in the outstanding PVRSUs as a result of the Company exceeding the targeted performance conditions. The components of the Company’s share-based compensation expense were as follows:
| For the Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Stock options | $ | 5,265 |  |  | $ | 5,816 |  |  | $ | 4,674 |
Restricted stock | 12,728 |  |  | 13,774 |  |  | 14,349 |
Performance vested restricted stock units | 20,447 |  |  | 20,924 |  |  | 21,436 |
Total share-based compensation expense | $ | 38,440 |  |  | $ | 40,514 |  |  | $ | 40,459 |
The following table as of December 31, 2024 is a summary of the total unrecognized compensation expense related to the share-based awards that have not yet vested and the related weighted average remaining amortization periods over which the compensation expense will be recognized:
(in thousands) | Unrecognized Compensation Expense on Unvested Awards |  | Weighted Average Remaining Amortization Period
Stock options | $ | 5,708 |  |  | 1.8 years
Restricted stock | 23,601 |  |  | 2.2 years
Performance vested restricted stock units | 24,661 |  |  | 1.9 years
Total | $ | 53,970 |  |  |
Stock Options The following table is a summary of the activity related to the stock option grants:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Number of options granted | 78,988 |  |  | 88,733 |  |  | 172,441 |
Fair value of options granted (in thousands) | $ | 3,069 |  |  | $ | 3,779 |  |  | $ | 7,356 |
Weighted average exercise price per share | $ | 111.94 |  |  | $ | 102.90 |  |  | $ | 94.97 |
Total intrinsic value of stock options exercised (in thousands) | $ | 12,185 |  |  | $ | 9,170 |  |  | $ | 5,390 |
Total fair value of stock options vested (in thousands) | $ | 5,032 |  |  | $ | 4,857 |  |  | $ | 3,591 |
The stock options granted by the Company had an exercise price equal to the market price of the Company’s common stock on the date of grant. As of December 31, 2024, the aggregate intrinsic value of the stock options outstanding and exercisable was $24.5 million and $18.3 million, respectively. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.27 | % |  | 4.10 | % |  | 2.01 | %
Expected volatility | 31.34 | % |  | 30.90 | % |  | 29.46 | %
Expected life of stock option | 6.0 years |  | 6.0 years |  | 5.9 years
Dividend yield | 1.03 | % |  | 0.90 | % |  | 0.66 | %
Requisite service period | 4 years |  | 4 years |  | 4 years
Contractual life | 10 years |  | 10 years |  | 10 years
Weighted average fair value of the stock options granted (per stock option) | $ | 38.85 |  |  | $ | 42.59 |  |  | $ | 42.66 |
The expected life of the stock options and the expected volatility are based on historical data which is believed to be indicative of future exercise patterns and volatility. The historical volatility is calculated based on a period that corresponds to the expected life of the stock option. The dividend yield and the risk-free interest rate are calculated on the grant date based on the then-current dividend rate and the risk-free interest rate for the period corresponding to the expected life of the stock option. Restricted Stock The following table is a summary of the activity related to the restricted stock grants:
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Restricted shares granted | 69,249 |  |  | 65,991 |  |  | 273,777 |
Weighted average grant date fair value per share | $ | 115.57 |  |  | $ | 123.65 |  |  | $ | 143.76 |
Aggregate grant date fair value (in thousands) | $ | 8,003 |  |  | $ | 8,160 |  |  | $ | 39,357 |
Restricted shares forfeited | 16,246 |  |  | 13,202 |  |  | 14,443 |
Vesting service period for the restricted shares granted | 9 - 48 months |  | 9 - 48 months |  | 9 - 60 months
Fair value of the restricted shares vested (in thousands) | $ | 6,804 |  |  | $ | 11,134 |  |  | $ | 13,784 |
Performance Vested Restricted Stock Units The following table is a summary of the activity related to the PVRSU grants:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
PVRSUs granted at target | 147,943 |  |  | 110,636 |  |  | 111,585 |
Weighted average grant date fair value per share | $ | 115.04 |  |  | $ | 128.71 |  |  | $ | 181.91 |
Aggregate grant date fair value (in thousands) | $ | 17,019 |  |  | $ | 14,240 |  |  | $ | 20,298 |
PVRSUs forfeited & expired | 23,710 |  |  | 16,504 |  |  | 83,563 |
Requisite service period | 9 - 48 months |  | 9 - 48 months |  | 9 - 60 months
Fair value of PVRSUs vested (in thousands) | $ | 15,773 |  |  | $ | 17,413 |  |  | $ | — |
During the year ended December 31, 2024, the Company granted PVRSUs with performance conditions, PVRSUs with market conditions, and PVRSUs with performance and market conditions, with requisite service periods between 9 months and 48 months and with award vesting ranges generally between 0% and 230% of the initial units granted. Share Repurchases and Redemptions During the years ended December 31, 2024, 2023, and 2022, the Company redeemed 120,601, 114,242, and 36,120, respectively, shares of common stock at a total cost of approximately $12.4 million, $14.2 million, and $5.4 million, respectively, from employees to satisfy the stock option exercise price and the statutory minimum tax-withholding requirements related to exercising stock options and the vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside of the share repurchase program.

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