As of September 30, 2025, approximately 2,184,000 shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2024 Form 10-K.

Stock-based compensation expense recognized in the Consolidated Statements of Income was $10.1 million in the third quarter of 2025 and $9.5 million in the third quarter of 2024, and $30.6 million and $27.6 million in the nine months ended September 30, 2025 and 2024, respectively.

A summary of the Plans’ stock option activity for the nine months ended September 30, 2025 and September 30, 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 September 30, 2025	5,675	$	44.81	3.0	$	497
Exercisable at September 30, 2025	5,675	$	44.81	3.0	$	497


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 September 30, 2024	12,325	$	43.42	3.7	$	802
Exercisable at September 30, 2024	12,325	$	43.42	3.7	$	802

(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.

The aggregate intrinsic value of options exercised during the nine months ended September 30, 2025 and September 30, 2024, was approximately $467,000 and $50,000, respectively. Cash received from option exercises under the Plans for the nine months ended September 30, 2025 and September 30, 2024 was approximately $220,000 and $25,000, respectively.

A summary of the Plans’ restricted share activity for the nine months ended September 30, 2025 and September 30, 2024 is presented below:


	Nine months ended September 30, 2025			Nine months ended September 30, 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	256,762	133.15		405,506	99.78
Vested and issued	(218,276)	94.41		(238,002)	70.14
Forfeited or canceled	(24,156)	109.48		(17,885)	92.77
Outstanding at September 30	895,196	$	101.71	895,742	$	90.99
Vested, but deferred, at September 30	101,820	$	55.31	100,281	$	54.19

A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the nine months ended September 30, 2025 and September 30, 2024 is presented below:


	Nine months ended September 30, 2025			Nine months ended September 30, 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	88,257	134.58		111,398	100.44
Added by performance factor at vesting	75,461	96.51		96,952	58.78
Vested and issued	(230,957)	95.26		(296,243)	58.76
Forfeited or canceled	(8,218)	107.24		(5,304)	95.77
Outstanding at September 30	378,560	$	102.35	459,829	$	93.61
Vested, but deferred, at September 30	13,283	$	40.87	21,688	$	44.21