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Common Stock (Tables)
12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Summary of Stock Options Activity

The following summarizes options activity:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

 

of

 

 

Exercise

 

 

of

 

 

Exercise

 

 

of

 

 

Exercise

 

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

Shares under option at beginning
   of year

 

 

19,975,103

 

 

$

36.25

 

 

 

21,080,388

 

 

$

38.68

 

 

 

21,276,961

 

 

$

42.09

 

Granted

 

 

1,110,478

 

 

 

17.52

 

 

 

1,014,002

 

 

 

21.76

 

 

 

1,492,020

 

 

 

16.73

 

Forfeited

 

 

(2,743,698

)

 

 

56.16

 

 

 

(1,908,768

)

 

 

57.61

 

 

 

(1,574,642

)

 

 

65.44

 

Exercised

 

 

(206,386

)

 

 

16.87

 

 

 

(210,519

)

 

 

16.68

 

 

 

(113,951

)

 

 

17.77

 

Shares under option at end of year

 

 

18,135,497

 

 

$

32.31

 

 

 

19,975,103

 

 

$

36.25

 

 

 

21,080,388

 

 

$

38.68

 

Exercisable at end of year

 

 

15,911,560

 

 

$

34.23

 

 

 

17,437,459

 

 

$

38.85

 

 

 

17,988,842

 

 

$

42.46

 

Summary of Stock Option Outstanding Information

The following summarizes information about stock options outstanding at December 31, 2024:

 

 

Weighted-Avg

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

Remaining

 

 

 

 

 

Weighted-Avg

 

 

 

 

 

Weighted-Avg

 

Range of Exercise Price

 

Contractual Life

 

 

Shares

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

 

$15.00 - $30.00

 

 

5.60

 

 

 

8,906,198

 

 

$

21.24

 

 

 

6,682,261

 

 

$

22.13

 

$30.01 - $50.00

 

 

1.97

 

 

 

5,856,046

 

 

 

36.22

 

 

 

5,856,046

 

 

 

36.22

 

$50.01 - $54.74

 

 

0.15

 

 

 

3,373,253

 

 

 

54.74

 

 

 

3,373,253

 

 

 

54.74

 

Total

 

 

3.41

 

 

 

18,135,497

 

 

$

32.31

 

 

 

15,911,560

 

 

$

34.23

 

Assumption Used in Determination of Fair Value of Share Based Payment Awards The use of the Black Scholes model requires the use of actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.

 

 

Year Ended December 31,

 

Valuation Assumptions:

 

2024

 

 

2023

 

 

2022

 

Expected volatility

 

 

46.8

%

 

 

45.7

%

 

 

43.6

%

Risk-free interest rate

 

 

4.0

%

 

 

4.1

%

 

 

1.9

%

Expected dividend yield

 

 

1.1

%

 

 

0.9

%

 

 

1.2

%

Expected term (in years)

 

 

6.0

 

 

 

5.8

 

 

 

5.4

 

Summary of Information Regarding Outstanding SARs

The following summary presents information regarding outstanding SARs:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

 

of

 

 

Exercise

 

 

of

 

 

Exercise

 

 

 

Shares

 

 

Price

 

 

Shares

 

 

Price

 

Shares under SARs at beginning of year

 

 

1,056,805

 

 

$

28.37

 

 

 

1,105,106

 

 

$

28.39

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(35,248

)

 

 

28.64

 

 

 

(48,301

)

 

 

28.83

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Shares under SARs at end of year

 

 

1,021,557

 

 

$

28.36

 

 

 

1,056,805

 

 

$

28.37

 

Exercisable at end of year

 

 

1,021,557

 

 

$

28.36

 

 

 

1,056,805

 

 

$

28.37

 

Summary of Information Regarding Outstanding Restricted Shares

The following summary presents information regarding outstanding restricted shares:

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

Number

 

 

Average

 

 

of

 

 

Grant Date

 

 

of

 

 

Grant Date

 

 

of

 

 

Grant Date

 

 

Units

 

 

Fair Value

 

 

Units

 

 

Fair Value

 

 

Units

 

 

Fair Value

 

Nonvested at beginning of year

 

6,615,478

 

 

$

19.86

 

 

 

7,188,183

 

 

$

18.30

 

 

 

6,936,574

 

 

$

21.32

 

Granted

 

3,204,434

 

 

 

17.96

 

 

 

2,792,465

 

 

 

22.70

 

 

 

3,509,425

 

 

 

17.67

 

Vested

 

(3,068,811

)

 

 

17.46

 

 

 

(3,045,126

)

 

 

21.77

 

 

 

(2,863,385

)

 

 

17.11

 

Forfeited

 

(312,828

)

 

 

20.29

 

 

 

(320,044

)

 

 

23.89

 

 

 

(394,431

)

 

 

26.00

 

Nonvested at end of year

 

6,438,273

 

 

$

19.76

 

 

 

6,615,478

 

 

$

19.86

 

 

 

7,188,183

 

 

$

18.30