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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Incentive Award Plan As of December 31, 2025, outstanding awards of RSUs were categorized as either time-based awards or market-based awards, each with tandem dividend equivalents. As of December 31, 2025, 2,514,805 shares were available for future issuance under the Incentive Award Plan. Market-based awards are valued as of the grant date utilizing a Monte Carlo simulation model that assesses the probability of satisfying certain market performance thresholds over a three year performance period. The following table summarizes the Company's significant assumptions used in the Monte Carlo simulation models:
|  | At Grant Date
|  | 2025 |  | 2024 |  | 2023
Volatility |  | 27.00% |  | 31.00% |  | 34.00%
Risk free interest rate |  | 4.35% |  | 4.42% |  | 4.45%
Dividend Yield |  | 3.30% |  | 3.40% |  | 3.20%
The following table summarizes the Company's RSU activity under the Incentive Award Plan:
| Unvested Time- Based RSUs |  | Unvested Performance and Market-Based RSUs |  | Weighted Average Grant Date Price Per Share
Outstanding as of January 1, 2023 | 123,427 |  | 712,051 |  | $23.35
Shares granted | 152,393 |  | 445,828 |  | $18.40
Shares vested | (126,885) |  | (60,042) |  | $29.50
Unearned performance shares | — |  | (69,803) |  | $31.40
Shares forfeited | (1,343) |  | (3,263) |  | $19.51
Outstanding as of December 31, 2023 | 147,592 |  | 1,024,771 |  | $19.36
Shares granted | 197,884 |  | 335,936 |  | $19.78
Shares vested | (155,511) |  | (113,954) |  | $26.33
Unearned performance shares | — |  | (82,665) |  | $28.90
Shares forfeited | (2,190) |  | (17,360) |  | $17.41
Outstanding as of December 31, 2024 | 187,775 |  | 1,146,728 |  | $17.71
Shares granted | 179,267 |  | 361,634 |  | $22.98
Shares vested | (162,425) |  | (188,101) |  | $20.95
Unearned performance shares | — |  | (188,100) |  | $16.41
Shares forfeited | (9,381) |  | (3,401) |  | $24.34
Outstanding as of December 31, 2025 | 195,236 |  | 1,128,760 |  | $19.12
Employee Stock Purchase Plan Employees may purchase up to an aggregate of 3,300,000 shares of the Company's common stock under the ESPP, of which 3,250,156 shares remain available as of December 31, 2025. The following table summarizes the Company's activity under the ESPP:
| Year ended December 31
| 2025 |  | 2024 |  | 2023
Shares purchased | 24,209 |  | 13,907 |  | 11,728
Weighted average discounted issuance price | $20.17 |  | $20.14 |  | $20.07
Issuance proceeds | $488 |  | $280 |  | $235
Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense:
| Year ended December 31
| 2025 |  | 2024 |  | 2023
Incentive Award Plan, net (a) | $ | 10,765 |  |  | $ | 9,759 |  |  | $ | 8,953 |
Employee Stock Purchase Plan (b) | 142 |  |  | 137 |  |  | 68 |
Stock-based compensation expense, net | $ | 10,907 |  |  | $ | 9,896 |  |  | $ | 9,021 |
(a)As of December 31, 2025, there was $11,577 of total estimated unrecognized compensation expense related to the Incentive Award Plan which will be recognized through December 2028. (b)As of December 31, 2025, there was $179 of total estimated unrecognized compensation expense related to the ESPP which will be recognized through June 2027.

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