Common Stock and Stock Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Equity [Abstract] |
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| Summary of Stock Options Activity |
The following summarizes options activity:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Number |
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Average |
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Number |
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Average |
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Number |
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Average |
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of |
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Exercise |
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of |
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Exercise |
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of |
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Exercise |
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Shares |
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Price |
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Shares |
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Price |
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Shares |
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Price |
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Shares under option at beginning of year |
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18,135,497 |
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$ |
32.31 |
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19,975,103 |
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$ |
36.25 |
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21,080,388 |
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$ |
38.68 |
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Granted |
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526,425 |
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15.28 |
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1,110,478 |
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17.52 |
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1,014,002 |
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21.76 |
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Forfeited |
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(3,729,855 |
) |
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52.06 |
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(2,743,698 |
) |
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56.16 |
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(1,908,768 |
) |
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57.61 |
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Exercised |
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(13,182 |
) |
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15.00 |
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(206,386 |
) |
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16.87 |
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(210,519 |
) |
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16.68 |
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Shares under option at end of year |
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14,918,885 |
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$ |
26.79 |
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18,135,497 |
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$ |
32.31 |
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19,975,103 |
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$ |
36.25 |
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Exercisable at end of year |
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13,371,832 |
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$ |
27.84 |
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15,911,560 |
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$ |
34.23 |
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17,437,459 |
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$ |
38.85 |
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| Summary of Stock Option Outstanding Information |
The following summarizes information about stock options outstanding at December 31, 2025:
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Weighted-Avg |
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Options Outstanding |
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Options Exercisable |
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Remaining |
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Weighted-Avg |
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Weighted-Avg |
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Range of Exercise Price |
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Contractual Life |
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Shares |
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Exercise Price |
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Shares |
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Exercise Price |
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$15.00 - $25.00 |
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6.19 |
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6,554,523 |
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$ |
17.84 |
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5,007,470 |
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$ |
17.91 |
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$25.01 - $35.00 |
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0.88 |
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4,898,912 |
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31.18 |
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4,898,912 |
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31.18 |
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$35.01 - $38.86 |
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1.50 |
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3,465,450 |
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37.48 |
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3,465,450 |
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37.48 |
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Total |
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3.36 |
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14,918,885 |
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$ |
26.79 |
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13,371,832 |
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$ |
27.84 |
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| 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.
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Year Ended December 31, |
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Valuation Assumptions: |
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2025 |
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2024 |
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2023 |
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Expected volatility |
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47.1 |
% |
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46.8 |
% |
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45.7 |
% |
Risk-free interest rate |
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4.4 |
% |
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4.0 |
% |
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4.1 |
% |
Expected dividend yield |
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2.0 |
% |
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1.1 |
% |
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0.9 |
% |
Expected term (in years) |
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6.6 |
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6.0 |
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5.8 |
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| Summary of Information Regarding Outstanding SARs |
The following summary presents information regarding outstanding SARs:
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Year Ended December 31, |
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2025 |
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2024 |
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Number |
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Average |
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Number |
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Average |
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of |
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Exercise |
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of |
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Exercise |
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Shares |
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Price |
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Shares |
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Price |
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Shares under SARs at beginning of year |
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1,021,557 |
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$ |
28.36 |
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1,056,805 |
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$ |
28.37 |
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Granted |
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— |
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— |
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— |
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— |
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Forfeited |
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(17,950 |
) |
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28.24 |
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(35,248 |
) |
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28.64 |
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Exercised |
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— |
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— |
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— |
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— |
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Shares under SARs at end of year |
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1,003,607 |
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$ |
28.36 |
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1,021,557 |
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$ |
28.36 |
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Exercisable at end of year |
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1,003,607 |
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$ |
28.36 |
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1,021,557 |
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$ |
28.36 |
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| Summary of Information Regarding Outstanding Restricted Shares |
The following summary presents information regarding outstanding restricted shares:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Weighted- |
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Weighted- |
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Weighted- |
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Number |
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Average |
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Number |
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Average |
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Number |
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Average |
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of |
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Grant Date |
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of |
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Grant Date |
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of |
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Grant Date |
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Units |
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Fair Value |
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Units |
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Fair Value |
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Units |
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Fair Value |
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Nonvested at beginning of year |
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6,438,273 |
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$ |
19.76 |
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6,615,478 |
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$ |
19.86 |
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7,188,183 |
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$ |
18.30 |
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Granted |
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4,112,266 |
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16.02 |
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3,204,434 |
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17.96 |
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2,792,465 |
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22.70 |
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Vested |
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(2,898,037 |
) |
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15.30 |
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(3,068,811 |
) |
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17.46 |
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(3,045,126 |
) |
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21.77 |
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Forfeited |
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(328,794 |
) |
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19.63 |
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(312,828 |
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20.29 |
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(320,044 |
) |
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23.89 |
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Nonvested at end of year |
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7,323,708 |
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$ |
17.97 |
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6,438,273 |
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$ |
19.76 |
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6,615,478 |
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$ |
19.86 |
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