Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

NOTE 15 - Stock-Based Compensation

At September 30, 2025, we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), the 2014 Performance and Incentive Compensation Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan (“2018 Plan”). Future grants can only be made under the 2018 Plan.

The 2018 Plan allows for grants of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance shares, performance units, and other stock awards subject to the terms of the 2018 Plan.

The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans:


	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2025		2024		2025		2024
Service-based RSUs	$	936	$	916	$	2,526	$	2,791
Performance and Market-based RSUs		156		462		498		831
Cash-settled RSUs		78		72		408		370
Total	$	1,170	$	1,450	$	3,432	$	3,992
Income tax benefit		275		333		806		918
Net expense	$	895	$	1,117	$	2,626	$	3,074

The following table summarizes the unrecognized compensation expense related to unvested RSUs by type and the weighted-average period in which the expense is to be recognized:


	Unrecognized
	Compensation		Weighted-
	Expense at		Average
	September 30, 2025		Period (years)
Service-based RSUs	$	2,734		1.37
Performance and Market-based RSUs		3,396		2.01
Total	$	6,130		1.72

We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards.

The following table summarizes the status of these plans as of September 30, 2025:


	2018 Plan		2014 Plan		2009 Plan		2004 Plan		Directors' Plan
Awards originally available		2,500,000		1,500,000		3,400,000		6,500,000	N/A
Maximum potential awards outstanding		690,075		35,100		30,000		14,545		4,722
RSUs and cash-settled awards vested and released		777,136		—		—		—		—
Awards available for grant		1,032,789		—		—		—		—

Service-Based Restricted Stock Units

The following table summarizes the service-based RSU activity for the nine months ended September 30, 2025:


	Units			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024		322,847		$	34.06
Granted		68,308			45.83
Vested and released		(59,994	)		40.40
Forfeited		(24,411	)		44.29
Outstanding at September 30, 2025		306,750		$	34.66
Releasable at September 30, 2025		154,867		$	23.42

Performance and Market-Based Restricted Stock Units

The following table summarizes the performance and market-based RSU activity for the nine months ended September 30, 2025:


	Units			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024		222,344		$	40.15
Granted		106,943			44.72
Attained by performance		39,581			37.93
Released		(79,162	)		37.93
Forfeited		(75,738	)		36.24
Outstanding at September 30, 2025		213,968		$	44.10
Releasable at September 30, 2025		—		$	—

Cash-Settled Restricted Stock Units

Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At September 30, 2025 and December 31, 2024, we had 39,661 and 44,127 cash-settled RSUs outstanding, respectively. At September 30, 2025 and December 31, 2024 liabilities of $468 and $608, respectively, were included in Accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.