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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Share-Based Compensation Our outstanding stock incentive awards have been granted under the 2012 Stock Incentive Plan and the 2019 Stock Incentive Plan, as amended and restated (the “2019 Plan”). Restricted Stock Awards In February 2025, we issued 29,500 restricted stock awards under the 2019 Plan to executive officers with a grant date fair value of $73.34 per share. These restricted stock awards vest over five years, with 20% vesting on each anniversary of the grant date beginning with the grant date and are subject to a one-year post-vesting hold. The holders of restricted stock awards have a non-forfeitable right to dividends or dividend equivalents during the vesting periods. During the nine months ended September 30, 2025, 7,200 restricted stock awards vested. As of September 30, 2025, we had 54,100 unvested restricted stock awards outstanding with a weighted average grant date fair value of $64.29 per share. Stock Options During the nine months ended September 30, 2025 and 2024, we granted 579,500 stock options with a weighted average grant date fair value of $9.34 per share and 431,000 stock options with a weighted average grant date fair value of $7.36 per share, respectively. We estimated the fair values of stock options granted at the respective grant dates using the following weighted average assumptions:
| Nine Months Ended
| September 30,
| 2025 |  | 2024
Dividend yield | 5.2% |  | 6.4%
Expected volatility | 24.0% |  | 26.1%
Expected lives | 2.94 years |  | 2.9 years
Risk-free interest rate | 3.94% |  | 4.49%
A summary of the activity related to our stock options for the nine months ended September 30, 2025 follows:
|  |  |  |  | Weighted |  |
|  |  | Weighted |  | Average |  |
|  |  | Average |  | Remaining |  |
| Number |  | Exercise Price |  | Contractual |  |
| of Options |  | Per Share |  | Life (Years) |  |
Options outstanding at December 31, 2024 | 1,416,215 |  |  | $ | 71.06 |  |  |  |  |
Granted | 579,500 |  |  | 73.43 |  |  |  |  |
Exercised | (185,446) |  |  | 61.46 |  |  |  |  |
Forfeited | (63,503) |  |  | 64.34 |  |  |  |  |
Expired | (491,000) |  |  | 90.79 |  |  |  |  |
Options outstanding at September 30, 2025 | 1,255,766 |  |  | 66.19 |  |  | 3.0 |  |
Options exercisable at September 30, 2025 | 843,578 |  |  | 64.55 |  |  | 2.4 |  |
A summary of the activity related to our stock options for the nine months ended September 30, 2024 follows:
|  |  |  |  | Weighted |  |
|  |  | Weighted |  | Average |  |
|  |  | Average |  | Remaining |  |
| Number |  | Exercise Price |  | Contractual |  |
| of Options |  | Per Share |  | Life (Years) |  |
Options outstanding at December 31, 2023 | 2,447,171 |  |  | $ | 68.80 |  |  |  |  |
Granted | 431,000 |  |  | 57.76 |  |  |  |  |
Exercised | (1,065,119) |  |  | 58.24 |  |  |  |  |
Expired | (301,837) |  |  | 79.96 |  |  |  |  |
Options outstanding at September 30, 2024 | 1,511,215 |  |  | 70.87 |  |  | 2.0 |  |
Options exercisable at September 30, 2024 | 1,170,521 |  |  | 74.94 |  |  | 1.4 |  |
As of September 30, 2025, the intrinsic values of our stock options outstanding and exercisable were $16.7 million and $12.6 million, respectively. Share-Based Compensation Expense A summary of share-based compensation expense, net of forfeitures, by award type follows ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock options | $ | 637 |  |  | $ | 504 |  |  | $ | 3,691 |  |  | $ | 3,002 |
Restricted stock awards | 346 |  |  | 166 |  |  | 921 |  |  | 510 |
Total share-based compensation expense | $ | 983 |  |  | $ | 670 |  |  | $ | 4,612 |  |  | $ | 3,512 |
As of September 30, 2025, we had unrecognized share-based compensation expense of $4.1 million that is expected to be recognized over the following periods: remainder of 2025 - $1.0 million, 2026 - $2.0 million, 2027 - $0.7 million, 2028 - $0.3 million and 2029 - $0.1 million.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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