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Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

The following table summarizes compensation expense recognized for the periods presented (in thousands):


	Year Ended December 31,
	2024		2023		2022
Stock options	$	16,837	$	2,741	$	2,378
Restricted stock units	58,984		34,458		23,771
Total compensation expense	$	75,821	$	37,199	$	26,149

Schedule of Option Activity

The following is a summary of time-based stock option activity in 2024:


	Amount	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value ($000's)
Balance as of December 31, 2023	636,260	$	75.73
Options granted	30,111	87.13
Options exercised	(47,544)	72.26
Options forfeited	(5,598)	84.56

Balance as of December 31, 2024	613,229	$	76.47	7.0	$	30,390

Exercisable as of December 31, 2024	336,164	$	74.39	6.7	$	17,360

Schedule of Valuation Assumptions

We used the Black-Scholes option pricing model to determine the grant date fair value of time-based options. The weighted average assumptions used are as follows:


			2024
Dividend yield			2.80%
Estimated volatility(1)			34.53%
Risk free rate			4.13%
Expected life of options (years)			4.3
Estimated fair value			$23.22

(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

Schedule of Performance Share Outstanding Activity

The following is a summary of performance-based stock option activity as of December 31, 2024:


	Amount	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (years)	Intrinsic Value ($000's)
Outstanding as of December 31, 2023	815,121	$	83.44	$	20.31
Options granted	123,538	$	95.82	$	18.31
Options forfeited	(60,562)	$	83.44	$	20.31
Outstanding as of December 31, 2024	878,097	$	85.18	$	20.03	7.4	$	35,869
Exercisable as of December 31, 2024	—	$	—	$	—	—	$	—

Summary of Non-Vested Restricted Stock Incentive Awards

The following is a summary of our 2022-2025 OPP restricted stock activity as of December 31, 2024:


	Restricted Stock
	Amount	Weighted Average Grant Date Fair Value
Balance as of December 31, 2023	932,225	$	27.60
Granted	52,846	55.63
Forfeited or expired	(52,533)	27.60
Balance as of December 31, 2024	932,538	$	29.19

The following is a summary of our restricted stock activity (including market, performance and time-based awards, and excluding OPP awards) as of December 31, 2024:


	Restricted Stock
	Amount	Weighted Average Grant Date Fair Value
Balance as of December 31, 2023	1,746,015	$	98.03
Vested	(438,166)	115.05
Granted	508,056	84.16
Change in awards based on performance(1)	377,232	82.98
Forfeited or expired	(53,984)	105.77
Balance as of December 31, 2024	2,139,153	$	96.76

(1) Represents the change in number of market and performance-based awards earned as a result of performance achievement.

Schedule of Restricted Stock Valuation Assumptions

The weighted average assumptions used are as follows:


						2024
Dividend yield						2.80%
Estimated volatility over the life of the plan(1)						24.32% - 26.00%
Risk free rate						4.31% - 5.23%
Estimated market based performance award value based on total shareholder return measure						$82.74

(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.