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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The components of the Company’s share-based compensation expense were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Stock options | $ | 814 |  |  | $ | 1,319 |  |  | $ | 3,128 |  |  | $ | 3,957 |
Restricted stock | 3,318 |  |  | 3,246 |  |  | 9,648 |  |  | 9,959 |
Performance vested restricted stock units | 7,076 |  |  | 5,184 |  |  | 19,800 |  |  | 14,204 |
Total share-based compensation expense | $ | 11,208 |  |  | $ | 9,749 |  |  | $ | 32,576 |  |  | $ | 28,120 |
A summary of the share-based award activity during the nine months ended September 30, 2025 is presented below:
| 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, 2025 | 771,641 |  |  | $ | 111.15 |  |  |  |  | 355,405 |  |  | $ | 136.67 |  |  | 467,521 |  |  | $ | 137.74 |
Granted | — |  |  | — |  |  |  |  | 61,269 |  |  | 135.24 |  |  | 147,586 |  |  | 150.94 |
Performance-based leveraging (1) | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 14,662 |  |  | 120.48 |
Exercised/vested | (62,025) |  |  | 107.71 |  |  |  |  | (62,976) |  |  | 129.44 |  |  | (116,107) |  |  | 151.76 |
Expired | (12,850) |  |  | 135.92 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | (613) |  |  | 134.58 |  |  |  |  | (11,381) |  |  | 125.15 |  |  | (22,904) |  |  | 136.71 |
Outstanding as of September 30, 2025 | 696,153 |  |  | $ | 111.02 |  |  | 5.5 years |  | 342,317 |  |  | $ | 138.43 |  |  | 490,758 |  |  | $ | 137.85 |
Options exercisable as of September 30, 2025 | 560,584 |  |  | $ | 107.86 |  |  | 5.0 years |  |  |  |  |  |  |  |
(1) Any revisions to the outstanding PVRSUs during the nine months ended September 30, 2025 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs. The fair value of the restricted stock and the PVRSUs with performance conditions that were granted during the nine months ended September 30, 2025 was equal to the market price of the Company’s common stock on the date of the grant. The fair value of the PVRSUs with market conditions that are based on the Company’s total shareholder return relative to a predetermined peer group was estimated using a Monte Carlo simulation method as of the date of the grant. The requisite service periods for the restricted stock and the PVRSUs was between 9 months and 48 months.

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