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EMPLOYEE STOCK PURCHASE PLAN, STOCK OPTIONS AND WARRANTS (Tables)
12 Months Ended
Dec. 31, 2025
Share-based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs The stock-based compensation expense before income tax expense for the years ended December 31, 2025, 2024 and 2023, consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Cost of sales

​

​

​

​

​

​

​

​

Nonqualified stock options

$

941

​

$

1,229

​

$

1,647

Restricted stock units

​

1,295

​

​

—

​

​

—

Total cost of sales

​

2,236

​

​

1,229

​

​

1,647

Research and development

​

​

​

​

​

​

​

​

Nonqualified stock options

​

1,070

​

​

1,522

​

​

1,739

Restricted stock units

​

1,536

​

​

—

​

​

—

Total research and development

​

2,606

​

​

1,522

​

​

1,739

Selling, general and administrative

​

​

​

​

​

​

​

​

Nonqualified stock options

​

4,512

​

​

6,206

​

​

7,542

Performance-based restricted stock units

​

23,965

​

​

12,517

​

​

6,344

Restricted stock units

​

8,687

​

​

4,279

​

​

1,771

Cash-settled performance-based awards

​

1,260

​

​

2,720

​

​

2,290

Cash-settled restricted stock units

​

194

​

​

—

​

​

—

Total selling, general and administrative

​

38,618

​

​

25,722

​

​

17,947

​

​

​

​

​

​

​

​

​

Stock-based compensation expense before taxes

$

43,460

​

$

28,473

​

$

21,333

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

In applying the Black-Scholes methodology to the option grants, the fair value of our stock-based awards granted was estimated using the following assumptions for the year ended December 31, 2023:

​

​

​

​

  ​ ​ ​

2023

Risk-free interest rate

​

3.6% - 4.8%

Expected option term

​

4.0 years

Expected dividend yield

​

—

Expected price volatility

​

39.6% - 47.1%

Schedule of Share-based Compensation, Stock Option Activity

The table below presents information related to stock option activity for the years ended December 31, 2025, 2024 and 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Total intrinsic value of stock options exercised

​

$

28,444

​

$

36,431

​

$

23,300

Cash received from stock option exercises

​

 

26,838

​

 

39,746

​

 

14,503

Excess tax benefit from the exercise of stock options

​

 

3,364

​

 

1,817

​

 

3,001

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable

Changes in stock options for the year ended December 31, 2025, consisted of the following (shares and intrinsic value in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Number

​

Weighted Average

​

Remaining Contractual

​

Intrinsic

​

  ​ ​ ​

of Shares

  ​ ​ ​

Exercise Price

  ​ ​ ​

Term (in years)

  ​ ​ ​

Value

Beginning balance

 

2,023

​

 

59.62

 

  ​

 

​

  ​

Granted

 

—

​

 

—

 

  ​

 

​

  ​

Exercised

 

(691)

​

 

54.59

 

  ​

 

​

  ​

Forfeited/expired

 

(26)

​

 

69.34

 

  ​

 

​

  ​

Outstanding at December 31

 

1,306

​

 

62.08

 

2.42

​

$

34,034

Exercisable

 

1,046

​

 

59.99

 

2.12

​

 

29,447

Ending vested and expected to vest

 

1,298

​

 

62.03

 

2.41

​

 

33,899

Schedule of Share-based Compensation, PSUs and RSUs, Activity

Changes in PSUs and RSUs for the year ended December 31, 2025, consisted of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

PSUs

​

RSUs

​

​

​

​

Weighted Average

​

​

​

Weighted Average

​

​

Stock Units

​

Grant Date

​

Stock Units

​

Grant Date

​

  ​ ​ ​

(In Thousands)

(1)

Fair Value

  ​ ​ ​

(In Thousands)

  ​ ​ ​

Fair Value

Beginning nonvested balance

 

595

​

 

82.33

 

329

​

 

90.54

Granted

 

288

​

 

112.34

 

165

 

 

98.11

rTSR adjustment

​

20

(2)

​

73.94

​

—

​

​

—

Vested

 

(98)

​

 

73.94

 

(95)

 

 

89.10

Forfeited

 

(56)

​

 

84.63

 

(21)

 

 

90.70

Nonvested balance at December 31

 

749

​

 

94.52

 

378

​

 

94.21

​

(1)Based on the maximum payout, excluding the impact of the rTSR multiplier. The actual number of shares which vest is determined based on of performance conditions and the application of an rTSR multiplier between 75% and 125%.
(2)Represents the application of an rTSR multiplier of 125% to awards vested in 2025 based on the performance of our common stock and the terms of the awards.
Schedule of Share-based Compensation, PSUs and RSUs Granted

The following table summarizes PSUs and RSUs granted during the years ended December 31, 2025, 2024 and 2023 (units and shares in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

 

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

  ​ ​ ​

PSUs

​

​

​

​

​

​

​

​

​

​

Target units granted

​

​

144

​

​

144

​

​

115

​

Maximum units granted (1)

​

​

288

​

​

287

​

​

229

​

Maximum potential shares (1)(2)

​

​

359

​

​

359

​

​

287

​

Weighted average grant date fair value

​

$

112.34

​

$

86.79

​

$

72.26

​

RSUs

 

​

​

​

​

​

​

​

​

​

Units granted

​

​

165

​

​

329

​

​

20

​

Weighted average grant date fair value

​

$

98.11

​

$

90.54

​

$

83.99

​

​

(1)Based on the maximum payout, excluding the impact of the rTSR multiplier.
(2)Includes the impact of the maximum potential rTSR multiplier of 125%.
Schedule of Share-based Payment Award, PSUs, Valuation Assumptions

The fair value of each PSU was estimated as of the grant date using the following assumptions for awards granted in the years ended December 31, 2025, 2024 and 2023:

​

​

​

​

​

​

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Risk-free interest rate

3.6% - 4.0%

​

4.4%

​

3.9% - 4.6%

Performance period

2.2 - 2.8 years

​

2.8 years

​

2.8 years

Expected dividend yield

—

​

—

​

—

Expected price volatility

28.0% - 29.0%

​

31.1%

​

31.4% - 32.6%