Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Our employees, outside directors, consultants, and advisors are eligible to receive stock-based compensation pursuant to the terms of our 2020 Equity Incentive Plan (the “2020 Plan”). This plan allows for the issuance of shares for stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other awards. The 2020 Plan allows for up to 5,000,000 awards, of which 3,590,175 shares of common stock were available for grant as of December 31, 2025, and terminates once all awards have been issued. Compensation expense related to our equity incentive plans were $30.6 million, $29.1 million, and $27.9 million during 2025, 2024, and 2023, respectively.

Restricted Stock

During 2025, 2024, and 2023, we granted 147,564, 164,528, and 210,222 shares, respectively, of restricted common stock at no cost to participants under the plan. These awards provide dividend rights and voting rights prior to vesting. The awards are subject to forfeiture and are non-transferable, which restrictions generally lapse over a four-year period from the grant date at a rate of 15%, 15%, 20% and 50% per year. We have determined that the grant date quoted market price of the underlying common stock is the appropriate measure of compensation cost. This cost is amortized as expense over the restriction period. As of December 31, 2025, there was $39.4 million of unrecognized compensation cost related to the restricted stock, which is expected to be recognized over the restricted period.

Presented below is a summary of the changes of our restricted common stock during the years ended December 31, 2025 and 2024:

	Shares	Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
December 31, 2023	823,473	$	94.98
Granted	164,528	150.64
Vested	(278,293)	79.97
Forfeited	(10,804)	106.65
December 31, 2024	698,904	$	113.87	$	106.5
Granted	147,564	169.52
Vested	(308,833)	90.62
Forfeited	(7,348)	123.01
December 31, 2025	530,287	$	142.77	$	83.9

In certain non-U.S. markets, we issue restricted stock units similar to the restricted common stock discussed above. However, these awards do not provide voting rights prior to vesting. As of December 31, 2025, 2024, and 2023, we had 32,223, 33,497, and 37,839 units outstanding, respectively, and 17,172 and 14,160 restricted stock units vested during 2025 and 2024, respectively.