Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

During the nine months ended September 30, 2025, we granted 198,300 non-qualified employee stock options, 25,680 restricted stock units, 32,680 performance shares, and 11,069 restricted stock units awarded to non-employee directors. For the three and nine months ended September 30, 2025, total share-based compensation expense was $6.8 million and $17.9 million and the related tax benefits were $1.7 million and $4.4 million. For the three and nine months ended September 30, 2024, total share-based compensation expense was $4.8 million and $15.6 million and the related tax benefits were $1.2 million and $3.7 million.

The estimated fair value of our 2025 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:


	2025
Weighted-average estimated fair value	$	49.30
Quarterly dividend rate	$	0.61
Expected term of stock options, in years	4.1
Risk-free interest rate	4.3		%
Dividend yield	1.5		%
Expected stock price volatility	25.9		%
Present value of dividends	$	9.20