Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

A summary of the Plans’ stock option activity for the three months ended March 31, 2025 and March 31, 2024 is presented below:


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2025	10,825	$	43.76
Granted	—	—
Exercised	(5,150)	42.61
Forfeited or canceled	—	—
Outstanding at March 31, 2025	5,675	$	44.81	3.4	$	384
Exercisable at March 31, 2025	5,675	$	44.81	3.4	$	384


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2024	13,100	$	42.76

Granted	—	—
Exercised	(775)	32.26
Forfeited or canceled	—	—
Outstanding at March 31, 2024	12,325	$	43.42	4.2	$	751
Exercisable at March 31, 2024	12,325	$	43.42	4.2	$	751

(1)Represents the remaining weighted average contractual life in years.

(2)Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock.

Schedule of Plans' Restricted and Performance Share Award Activity

A summary of the Plans’ restricted share activity for the three months ended March 31, 2025 and March 31, 2024 is presented below:


	Three months ended March 31, 2025			Three months ended March 31, 2024
Restricted Shares	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	880,866	$	90.95	746,123	$	79.60
Granted	245,654	133.61		305,807	98.92
Vested and issued	(192,866)	94.94		(219,622)	69.25
Forfeited or canceled	(7,587)	103.76		(3,154)	87.01
Outstanding at March 31	926,067	$	101.33	829,154	$	89.44
Vested, but deferred, at March 31	101,000	$	54.75	99,382	$	53.78

A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2025 and March 31, 2024 is presented below:


	Three months ended March 31, 2025			Three months ended March 31, 2024
Performance-based Stock	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	454,017	$	93.57	553,026	$	79.69
Granted	86,524	134.69		96,210	58.78
Added by performance factor at vesting	75,461	96.51		111,204	100.44
Vested and issued	(230,957)	95.26		(294,902)	58.69
Forfeited or canceled	(2,902)	97.28		(864)	95.40
Outstanding at March 31	382,143	$	102.41	464,674	$	93.62
Vested, but deferred, at March 31	13,176	$	40.20	21,493	$	43.71