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Share-Based Compensation and Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Change in Stock-Based Award Activity
For the year ended December 31, 2024, the following table presents a summary of the share-based award activity:
2024
Stock OptionsRestricted StockPerformance Vested
Restricted Stock Units
OptionsWeighted Average Exercise PriceWeighted
Average
Remaining Contractual
Life 		SharesWeighted
Average Grant
Date Fair Value		SharesWeighted
Average Grant
Date Fair Value
Outstanding as of January 1, 2024943,641 $102.90 361,668 $136.05 458,495 $136.14 
Granted78,988 111.94 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, 2024771,641 $111.15 6.2 years355,405 $136.67 467,521 $137.74 
Options exercisable as of December 31, 2024481,522 $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.
Schedule of Pre-Tax Stock-Based Compensation Expenses and Associated Income Tax Benefits
The components of the Company’s share-based compensation expense were as follows:
For the Year Ended December 31,
(in thousands)202420232022
Stock options$5,265 $5,816 $4,674 
Restricted stock12,728 13,774 14,349 
Performance vested restricted stock units20,447 20,924 21,436 
Total share-based compensation expense$38,440 $40,514 $40,459 
Schedule of Unrecognized Compensation Cost, Nonvested Awards
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 AwardsWeighted Average Remaining Amortization Period
Stock options$5,708 1.8 years
Restricted stock23,601 2.2 years
Performance vested restricted stock units24,661 1.9 years
Total$53,970 
Schedule of Activity Related to Stock Options
The following table is a summary of the activity related to the stock option grants:
For the Year Ended December 31,
202420232022
Number of options granted78,988 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 
Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model
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:
 
202420232022
Risk-free interest rate4.27 %4.10 %2.01 %
Expected volatility31.34 %30.90 %29.46 %
Expected life of stock option6.0 years6.0 years5.9 years
Dividend yield1.03 %0.90 %0.66 %
Requisite service period4 years4 years4 years
Contractual life10 years10 years10 years
Weighted average fair value of the stock options granted (per stock option)$38.85 $42.59 $42.66 
Schedule of Activity Related to Restricted Stock Grants
The following table is a summary of the activity related to the restricted stock grants:
For the Year Ended December 31,
202420232022
Restricted shares granted69,249 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 forfeited16,246 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 
Schedule of Activity Related to PVRSU Grants
The following table is a summary of the activity related to the PVRSU grants:
For the Years Ended December 31,
202420232022
PVRSUs granted at target147,943 110,636 111,585 
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 & expired23,710 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.