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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Share-based compensation is measured at the grant date based on the fair value of the award and is recognized as an expense over the requisite service period (generally the vesting period of the equity grant). The Company issues share-based awards through several plans that are described in detail in the notes to the consolidated financial statements for the year ended December 31, 2024. The compensation cost charged against income from those plans is included in selling, general & administrative expenses as follows (in thousands):
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
Share-based compensation related to: |  | 2025 |  | 2024 |  | 2025 |  | 2024
Common stock grants |  | $ | 100 |  |  | $ | 100 |  |  | $ | 300 |  |  | $ | 300 |
Stock option grants |  | — |  |  | 127 |  |  | 173 |  |  | 357 |
Restricted Stock Unit Awards ("RSUs") |  | 1,859 |  |  | 1,312 |  |  | 5,983 |  |  | 4,130 |
Total share-based compensation |  | $ | 1,959 |  |  | $ | 1,539 |  |  | $ | 6,456 |  |  | $ | 4,787 |
The total income tax benefit recognized in the condensed consolidated statements of comprehensive income for share-based compensation arrangements was approximately $0.5 million and $2.5 million for the three and nine months ended September 30, 2025, respectively, and approximately $0.4 million and $1.9 million for the three and nine months ended September 30, 2024. Common Stock Grants The compensation expense for common stock granted during the nine months ended September 30, 2025, was determined based on the market price of the shares on the date of grant. Stock Option Grants The following is a summary of stock option activity under all plans for the nine months ended September 30, 2025:
| Shares Under Options |  | Weighted Average Exercise Price (per share) |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 | 73,232 |  | $ | 67.15 |  |  |  |  |
Exercised | (11,263) |  | 36.02 |  |  |  |  |
Outstanding at September 30, 2025 | 61,969 |  | $ | 72.80 |  |  | 4.35 |  | $ | 8,039 |
Exercisable at September 30, 2025 | 61,969 |  | $ | 72.80 |  |  | 4.35 |  | $ | 8,039 |
Vested and expected to vest at September 30, 2025 | 61,969 |  | $ | 72.80 |  |  | 4.35 |  | $ | 8,039 |
During the nine months ended September 30, 2025 and 2024, the total intrinsic value of all options exercised (i.e., the difference between the market price and the price paid by the employees to exercise the options) was approximately $2.4 million and $0.7 million, respectively, and the total amount of consideration received by the Company from the exercised options was approximately $406 thousand and $212 thousand, respectively. At its discretion, the Company allows option holders to surrender previously owned common stock in lieu of paying the exercise price and withholding taxes. During the nine months ended September 30, 2025, 748 shares were surrendered at an average market price of $282.42. During the nine months ended September 30, 2024, 653 shares were surrendered at an average market price of $162.93. Restricted Stock Unit awards The following table summarizes information about RSU activity during the nine months ended September 30, 2025:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024 | 80,827 |  |  | $ | 98.79 |
Awarded | 53,055 |  |  | 259.69 |
Shares vested | (43,296) |  |  | 119.05 |
Shares forfeited | (1,738) |  |  | 150.39 |
Outstanding at September 30, 2025 | 88,848 |  |  | $ | 183.99 |
At the Company’s discretion, upon vesting, RSU holders are given the option to net-share settle to cover the required minimum withholding tax and the remaining amount is converted into the equivalent number of common shares and issued to the RSU holder. During the nine months ended September 30, 2025 and 2024, 18,152 and 21,914 shares were surrendered at an average market price of $215.60 and $216.80, respectively. As of September 30, 2025, the Company had approximately $10.3 million of unrecognized compensation expense that is expected to be recognized over a period of 2.5 years.

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