At December 31, 2025, a total of 14,000,868 shares of unissued common stock were authorized for issuance under our stock-based compensation plans. Additionally, a total of 2,446,539 shares are authorized for issuance under a plan whereby substantially all employees may acquire common stock through payroll deductions at prevailing market prices.

The following table summarizes the status of, and changes in, our stock options during 2025.


	Options	Weighted- average exercise price		Weighted-average remaining contractual term in years
Outstanding at December 31, 2024	661,377	$	73.76

Exercised	(642,149)	$	73.89

Expired	(1,560)	$	79.71
Outstanding and exercisable at December 31, 2025	17,668	$	68.49	0.6

The total intrinsic value of options exercised was $21.2 million in 2025, $27.7 million in 2024, and $30.6 million in 2023. At December 31, 2025, the aggregate intrinsic value of in-the-money options outstanding was $0.6 million.

The following table summarizes the status of, and changes in, our nonvested restricted stock units during 2025.


	Restricted stock units	Weighted- average fair value
Nonvested at December 31, 2024	6,001,579	$	124.73
Time-based grants	1,969,573	$	104.97
Performance-based grants	93,062	$	105.05
Vested (value at vest date was $184.6 million)	(1,783,965)	$	134.70

Forfeited	(361,897)	$	125.45
Nonvested at December 31, 2025	5,918,352	$	114.80

Nonvested at December 31, 2025 includes performance-based restricted stock units of 384,080. These nonvested performance-based restricted stock units include 33,422 units for which the performance period has lapsed, and the performance threshold has been met.

Compensation and related costs includes expenses for stock-based awards of $216.9 million in 2025, $247.3 million in 2024, and $265.6 million in 2023.

The following table presents the compensation expense to be recognized over the requisite service period of the stock-based awards outstanding at December 31, 2025. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met and adjustments for actual forfeitures.


(in millions)
First quarter 2026	$	53.4
Second quarter 2026	49.0
Third quarter 2026	43.3
Fourth quarter 2026	37.6
2027	81.2
2028 through 2031	61.9
Total	$	326.4

We granted restricted fund units valued you at $102.2 million in December 2025 and $103.3 million in December 2024. Below is a roll forward of the restricted fund units liability, which is reported in deferred compensation liabilities on the consolidated balance sheet.


(in millions)	2025		2024
Balance at beginning of year	$	14.7	$	—
Amortization of grant date value	54.6		14.8
Amortization of market appreciation (depreciation)	7.9		(0.1)
Forfeitures	(0.1)		—
Settlements	(22.4)		—
Balance at end of year	$	54.7	$	14.7

The following table presents the compensation expense to be recognized over the requisite service period of the restricted fund units outstanding at December 31, 2025. Estimated future compensation expense will change to reflect future grants, changes in the market value of the restricted fund units, which is based on selected hypothetical investments and adjustments for actual forfeitures. The grants outstanding will vest by 2030.


(in millions)
First quarter 2026	$	19.3
Second quarter 2026	18.4
Third quarter 2026	17.8
Fourth quarter 2026	14.4
2027	35.4
2028 through 2030	31.8
Total	$	137.1