XML 78 R48.htm IDEA: XBRL DOCUMENT v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Related to Stock-Based Awards During the years ended December 31, 2025, 2024 and 2023, the Company recorded compensation related to stock-based awards as follows:
Year Ended December 31,
202520242023
(Dollars in thousands)

Cost of revenues $8,757 $9,169 $6,899 
Selling and marketing expenses 854 921 866 
Research and development expenses222 144 94 
General and administrative expenses 9,557 9,963 7,620 
Total stock-based compensation expense 19,390 20,197 15,479 
Tax effect on stock-based compensation expense 1,964 1,998 1,598 
Net effect of stock-based compensation expense $17,426 $18,199 $13,881 
Schedule of Fair Value of Stock-Based Award on Assumptions The Company calculated the fair value of each stock-based award on the date of grant based on the following assumptions:
Year Ended December 31,
202520242023
For stock based awards issued by the Company:
Risk-free interest rates 4.0 %4.5 %4.2 %
Expected lives (in weighted average years) 2.12.22.5
Dividend yield 0.7 %0.7 %0.6 %
Expected volatility (weighted average) 28.8 %31.9 %38.2 %
The Company estimated the forfeiture rate (on a weighted average basis) as follows:
Year Ended December 31,
202520242023
Weighted average forfeiture rate 8.8 %8.2 %8 %
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model, and the Monte Carlo simulation, based on the following assumptions:
Risk-free interest rates3.95%—4.08%
Expected life (in years)1—3
Dividend yield0.69%
Expected volatility (weighted average)27.0%—31.0%
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model, based on the following assumptions:
Risk-free interest rates4.27%—4.94%
Expected life (in years)1—3
Dividend yield0.73%
Expected volatility (weighted average)28.0%—34.0%
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model based on the following assumptions:
Risk-free interest rates3.86%—4.68%
Expected life (in years)1—4
Dividend yield0.59%
Expected volatility (weighted average)36.0%—42.2%
The Company calculated the fair value of each RSU and PSU on the grant date using the Black-Merton-Scholes using binomial Tree option pricing model based on the following assumptions:
Risk-free interest rates4.70%
Expected life (in years)1
Dividend yield0.56%
Expected volatility (weighted average)34.80%
Schedule of Information of Awards Outstanding Related Weighted Average Exercise Price
Information on the awards outstanding and the related weighted average exercise price as of and for the years ended December 31, 2025, 2024 and 2023 are presented in the table below:
 
Year Ended December 31,
202520242023
Awards
(In thousands)		Weighted
Average
Exercise
Price		Awards
(In thousands)		Weighted
Average
Exercise
Price		Awards
(In thousands)		Weighted
Average
Exercise
Price
Outstanding at beginning of year 1,380 $69.91 1,483 $52.57 1,810 $60.08 
Granted:
RSUs (1)
248 — 242 — 189 — 
PSUs (2)
45 — 61 — 35 — 
Exercised (835)69.63(377)62.91(492)56.00
Forfeited (25)71.15(29)64.16(59)54.09
Expired — — — — — — 
Outstanding at end of year 813 70.701,380 69.911,483 52.57
Options and SARs exercisable at end of year (3)
101 70.26614 69.41606 66.81
Weighted-average fair value of awards granted during the year $70.99 $64.95 $79.98 
(1)     An RSU represents the right to receive one share of common stock once certain vesting conditions are met. The value of an RSU approximates the value of the underlying stock.
(2)     The PSUs shall be paid out based on achievement of three-year relative total stockholder return compared to other companies in the S&P 500 index or based on achievement of three-year megawatt COD capacity targets.
(3) Upon exercise, SARs entitle the recipient to receive shares of common stock equal to the increase in value of the award between the grant date and the exercise date.
Schedule of Information of Stock-Based Awards Outstanding
The following table summarizes information about stock-based awards outstanding at December 31, 2025 (shares in thousands):
Awards OutstandingAwards Exercisable
Exercise PriceNumber of
Stock-based
Awards
Outstanding		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value 		Number of
Stock-based
Awards
Exercisable		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value
$— 611 1.0$67,522 $— 
67.54 3 0.9113 3 0.9113 
69.14 45 0.41,869 45 0.41,869 
71.15 154 2.26,048 53 2.22,084 
90.28 1 1.012 1 1.012 
813 1.2$75,564 101 1.3$4,078 
The following table summarizes information about stock-based awards outstanding at December 31, 2024 (shares in thousands): 
Awards OutstandingAwards Exercisable
Exercise PriceNumber of
Stock-based
Awards
Outstanding		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value 		Number of
Stock-based
Awards
Exercisable		Weighted
Average
Remaining
Contractual
Life in Years		Aggregate
Intrinsic Value
$— 537 1.0$36,349 — 0.0$— 
63.40 45 1.5196 45 1.5196 
67.547 1.81 7 1.91 
68.3447 1.4— 47 1.4— 
69.143351.4— 335 1.4— 
71.153853.2— 160 3.2— 
71.7140.6— 4 0.6— 
76.4350.9— 5 0.9— 
76.5492.9— 6 2.9— 
78.5362.3— 5 2.4— 
90.2812.0— 1 2.0— 
1,380 1.8$36,546 614 1.9$197