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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity

Stock option activity during 2023, 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, 2023

 

 

979,277

 

 

$

46.27

 

 

 

 

 

 

 

Options granted

 

 

296,340

 

 

 

78.94

 

 

 

 

 

 

 

Options exercised

 

 

(198,527

)

 

 

41.29

 

 

 

 

 

 

 

Options cancelled

 

 

(140,545

)

 

 

55.95

 

 

 

 

 

 

 

Options outstanding at December 31, 2023

 

 

936,545

 

 

 

56.21

 

 

 

 

 

 

 

Options granted

 

 

4,000

 

 

 

75.30

 

 

 

 

 

 

 

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

 

 

(185,610

)

 

 

55.00

 

 

 

 

 

 

 

Options outstanding at December 31, 2025

 

 

509,411

 

 

$

58.34

 

 

 

5.56

 

 

$

 

Options exercisable at December 31, 2025

 

 

390,076

 

 

$

54.23

 

 

 

5.16

 

 

$

 

 

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 years ended December 31, 2024 and 2023.

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Weighted-average grant-date fair value of options

 

$

27.24

 

 

$

30.99

 

Risk-free interest rate

 

 

4.4

%

 

 

4.2

%

Expected volatility

 

 

33

%

 

 

37

%

Expected life (in years)

 

 

4.8

 

 

 

5.0

 

Restricted Stock Unit Activity

Restricted stock unit activity during 2023, 2024 and 2025 was as follows:

 

 

 

Number of
Shares

 

 

Weighted
Average
Grant-Date
Fair Value

 

Unvested at January 1, 2023

 

 

1,045,202

 

 

$

54.89

 

Granted

 

 

587,239

 

 

 

76.32

 

Cancelled

 

 

(198,740

)

 

 

57.21

 

Vested

 

 

(403,223

)

 

 

50.48

 

Unvested at December 31, 2023

 

 

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

 

 

1,556,470

 

 

 

26.86

 

Cancelled

 

 

(482,196

)

 

 

46.15

 

Vested

 

 

(457,275

)

 

 

68.13

 

Unvested at December 31, 2025

 

 

1,762,417

 

 

$

39.76

 

Performance Stock Unit Activity

Performance stock unit activity during 2023, 2024 and 2025 was as follows:

 

 

 

Number of
Units

 

 

Weighted
Average
Grant-Date
Fair Value

 

Unvested at January 1, 2023

 

 

1,273,800

 

 

$

20.69

 

Granted

 

 

177,509

 

 

 

70.98

 

Performance adjustment

 

 

407,825

 

 

 

17.69

 

Cancelled

 

 

(114,908

)

 

 

69.07

 

Vested

 

 

(1,408,195

)

 

 

10.60

 

Unvested at December 31, 2023

 

 

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

 

 

(57,710

)

 

 

70.33

 

Cancelled

 

 

(146,303

)

 

 

47.61

 

Vested

 

 

(66,676

)

 

 

73.96

 

Unvested at December 31, 2025

 

 

249,752

 

 

$

40.44