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Equity-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

Stock option activity during 2024 and 2025 was as follows:

 

 

 

Number
of
Options

 

 

Weighted
Average
Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value (in thousands)

 

Options outstanding at January 1, 2024

 

 

936,545

 

 

$

56.21

 

 

 

 

 

 

 

Options granted

 

 

4,000

 

 

 

74.30

 

 

 

 

 

 

 

Options exercised

 

 

(158,714

)

 

 

45.43

 

 

 

 

 

 

 

Options cancelled

 

 

(86,810

)

 

 

66.91

 

 

 

 

 

 

 

Options outstanding at December 31, 2024

 

 

695,021

 

 

 

57.45

 

 

 

 

 

 

 

Options granted

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

 

 

 

 

 

 

 

Options cancelled

 

 

(124,710

)

 

 

53.21

 

 

 

 

 

 

 

Options outstanding at June 30, 2025

 

 

570,311

 

 

$

58.37

 

 

 

6.05

 

 

$

 

Options exercisable at June 30, 2025

 

 

422,610

 

 

$

53.74

 

 

 

5.60

 

 

$

 

Schedule of Stock Options Valuation Assumptions The following table summarizes the grant-date fair value of options and the assumptions used to develop the fair value estimates for options granted during the year ended December 31, 2024:

 

 

 

December 31, 2024

 

Weighted average grant-date fair value of options

 

$

27.24

 

Risk-free interest rate

 

 

4.4

%

Expected volatility

 

 

33

%

Expected life (in years)

 

 

4.8

 

Restricted Stock Activity

Restricted stock unit activity during 2024 and 2025 was as follows:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant-Date
Fair Value

 

Unvested at January 1, 2024

 

 

1,030,478

 

 

$

68.38

 

Granted

 

 

608,572

 

 

 

71.78

 

Cancelled

 

 

(127,761

)

 

 

72.84

 

Vested

 

 

(365,871

)

 

 

63.29

 

Unvested at December 31, 2024

 

 

1,145,418

 

 

$

71.31

 

Granted

 

 

1,324,744

 

 

 

28.10

 

Cancelled

 

 

(180,008

)

 

 

50.77

 

Vested

 

 

(374,741

)

 

 

68.36

 

Unvested at June 30, 2025

 

 

1,915,413

 

 

$

43.93

 

Performance stock unit activity

Performance stock unit activity during 2024 and 2025 was as follows:

 

 

 

Number of
Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

Unvested at January 1, 2024

 

 

336,031

 

 

$

69.35

 

Granted

 

 

78,955

 

 

 

68.04

 

Performance adjustment

 

 

(9,241

)

 

 

72.99

 

Cancelled

 

 

(15,723

)

 

 

70.37

 

Vested

 

 

(98,504

)

 

 

61.52

 

Unvested at December 31, 2024

 

 

291,518

 

 

$

71.47

 

Granted

 

 

228,923

 

 

 

22.81

 

Performance adjustment

 

 

(22,974

)

 

 

72.07

 

Cancelled

 

 

(939

)

 

 

67.85

 

Vested

 

 

(66,676

)

 

 

73.96

 

Unvested at June 30, 2025

 

 

429,852

 

 

$

45.14