Share-based compensation (Notes)

12 Months Ended

Dec. 31, 2025

Stock award and incentive plan

To attract and retain talent, provide incentives, and promote the long-term success of our Company, we grant share-based

compensation in the form of restricted stock, pursuant to our stock award and incentive plan. Each restricted share issued reduces our

share reserve by one share (1:1 ratio). As of December 31, 2025, 4,894,632 shares remained available for future grants under our stock

award and incentive plan.

In addition, our stock award and incentive plan permits us to issue share awards to our employees, non-employees, and non-

employee directors. A share award is an award of common stock that (i) may be fully vested upon issuance or (ii) may be subject to the

risk of forfeiture under Section 83 of the Code. Shares issued generally vest over a four-year period from the date of issuance, and the

sale of the shares is restricted prior to the date of vesting. Certain restricted share awards are also subject to an additional one-year

holding period after vesting. The unearned portion of time-based share awards is amortized as share-based compensation expense on

a straight-line basis over the vesting period. Certain restricted share awards are subject to vesting based upon the satisfaction of levels

of performance or market conditions. Failure to satisfy the threshold performance conditions will result in the forfeiture of shares and in

a reversal of previously recognized share-based compensation expense. Failure to satisfy the market condition results in the forfeiture

of shares but does not result in a reversal of previously recognized share-based compensation expense, provided that the requisite

service has been rendered. Forfeiture of time-based, performance-based, or market-based awards due to the failure to meet the service

requirement results in the reversal of previously recognized share-based compensation expense.

The following is a summary of the stock awards activity under our equity incentive plan and related information for the years

ended December 31, 2025, 2024, and 2023 (dollars in thousands, except per share information):


		Number of Share Awards	Weighted-Average Grant Date Fair Value per Share
Outstanding at December 31, 2022		2,087,521	$	149.96
Granted		1,522,058	$	108.22
Vested		(798,729)	$	149.41
Forfeited		(56,689)	$	104.65
Outstanding at December 31, 2023		2,754,161	$	127.34
Granted		615,192	$	102.96
Vested		(951,195)	$	136.09
Forfeited		(180,253)	$	109.63
Outstanding at December 31, 2024		2,237,905	$	118.34
Granted		1,032,861	$	73.84
Vested		(817,304)	$	131.47
Forfeited		(81,412)	$	109.34
Outstanding at December 31, 2025		2,372,050	$	94.75

	Year Ended December 31,
	2025	2024	2023
Total grant date fair value of stock awards vested	$107,449	$129,449	$119,335
Total gross share-based compensation recognized	$94,685	$118,439	$139,675
Capitalized share-based compensation	$53,566	$58,805	$56,817

Certain restricted stock awards granted during 2025, 2024, and 2023 are subject to performance and market conditions. The

grant date fair value of these awards is determined using a Monte Carlo simulation pricing model using the following assumptions for

2025, 2024, and 2023, respectively: (i) expected term of 3.0 years, 3.0 years, and 3.0 years (equal to the remaining performance

measurement period at the grant date), (ii) volatility of 30.7%, 28.7%, and 32.0% (approximating a blended average of implied and

historical volatilities), (iii) three-year weighted-average dividend yield of 4.2%, 3.3%, and 2.8%, and (iv) risk-free rate of 4.35%, 4.18%,

and 4.22%.

As of December 31, 2025, there was $130.9 million of unrecognized compensation related to unvested share awards under

the equity incentive plan, which is expected to be recognized over the next four years and has a weighted-average vesting period of

approximately 17 months.