Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

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.