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Equity Incentive Awards
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Awards Equity Incentive Awards
Grants Issued Under the 2014 Plan
Our 2014 Equity Incentive Plan (the “2014 Plan”) was adopted by the Board of Directors on March 11, 2014 and approved by our stockholders on May 13, 2014.
Our 2024 Equity Incentive Plan (the “2024 Plan”) was adopted by our Board of Directors on February 6, 2024 and approved by our stockholders on April 30, 2024. A maximum of 3,766,336 shares of common stock are available for grant under the 2024 Plan. The 2024 Plan replaced the 2014 Plan and is the sole plan available to us to provide equity incentive compensation to eligible participants as of its adoption.
The table below presents shares issued by the Company under the 2014 Plan and the 2024 Plan (grant date fair value amounts in thousands):
PlanGrant DateTime-Based AwardsPerformance Based AwardsTotal AwardsExercise PriceGrant Date Fair Value
2014 Equity Incentive PlanFebruary 6, 202445,187 45,191 90,378 $67.05 $4,040 
2024 Equity Incentive PlanMay 1, 202416,626 — 16,626 $60.29 $1,002 
2024 Equity Incentive PlanFebruary 4, 202549,881 49,884 99,765 $64.97 $4,372 
2024 Equity Incentive PlanApril 29, 202518,227 — 18,227 $63.79 $1,163 
Restricted stock and options under the 2014 Plan and 2024 Plan have a maximum contractual term of ten years from the date of grant and have an exercise price not less than the fair value of the stock on the grant date. Individual grants could have different vesting periods but generally no longer than 3.5 years. All restricted stock awards have non-forfeitable rights to dividend payments even if the underlying stock does not entirely vest. For performance-based awards to be vested, performance conditions as established by the Compensation Committee in the year of the vesting period must be met. Awards are valued using the closing price at the grant date when all the key terms and conditions are known to all parties.
For the shares under the 2014 Plan awarded on February 6, 2024, 45,187 shares are time-based awards and 45,191 are performance-based awards and vest in equal installments over a three-year period on February 4, 2025, February 3, 2026 and February 2, 2027, subject to the achievement of performance goals. The time-based awards have a grant date fair value of $3.0 million. The 15,062 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $1.0 million.
Time-based awards for the shares under the 2024 Plan granted on May 1, 2024 are subject to various vesting dates between November 1, 2024 and April 30, 2027.
For the shares under the 2024 Plan awarded on February 4, 2025, 47,503 are time-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. These time-based awards have a grant date fair value of $3.2 million. The remaining 47,506 shares are performance-based awards and vest in equal installments over a three-year period on February 3, 2026, February 2, 2027 and February 1, 2028, respectively, subject to the achievement of performance goals, with the remaining 2,378 shares vesting two-thirds on February 3, 2026 and one-third on February 2, 2027. The 17,418 shares of restricted stock subject to 2024 performance goals have a grant date fair value of $1.1 million.
Time-based awards for the shares under the 2024 Plan granted on April 29, 2025 are subject to various vesting dates between October 29, 2025 and April 28, 2028.
As of December 31, 2025, 3,641,498 shares remained available for future grants.
Restricted Stock
A summary of our restricted stock activities and related information is as follows:
Number of SharesWeighted Average Grant Date Fair Value Per Share
Balance at December 31, 2022266,382 $69.24
Granted143,275 $56.63
Forfeited/Cancelled— $—
Vested(228,478)$72.25
Balance at December 31, 2023181,179 $55.84
Granted107,004 $66.00
Forfeited/Cancelled(9,780)$69.95
Vested(99,462)$70.11
Balance at December 31, 2024178,941 $69.51
Granted117,992 $64.79
Forfeited/Cancelled— $—
Vested(95,241)$70.38
Balance at December 31, 2025201,692 $66.34

Compensation expense to be recognized subsequent to December 31, 2025 for restricted stock granted during or prior to 2025 that have not yet vested was $3.8 million, which is expected to be recognized over a weighted average term of 1.6 years.
Stock Options
The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation:
20252024
Dividend Yield3.3%3.1%
Risk-Free Interest Rate3.9%4.6%
Expected Life6.0 years5.8 years
Expected Volatility28.6%28.7%
Weighted Average Grant Date Fair Value Per Share$15.06$15.28
No options were forfeited or expired for the years ended December 31, 2025, 2024 and 2023. A summary of our stock option activity and related information is as follows:
Shares Subject To OptionsWeighted Average
Exercise Price Per Share		Weighted Average Outstanding Contractual Life (in years)Average Intrinsic Value (in thousands)
Balance at December 31, 202280,985 $54.946.2$994
Options issued8,450 $68.01
Balance at December 31, 202389,435 $56.185.6$1,351
Options issued29,855 $60.29
Balance at December 31, 2024119,290 $57.215.8$1,265
Options issued15,680 $63.79
Options exercised(41,500)$40.65$1,126
Balance at December 31, 202593,470 $65.667.1$10
Exercisable at December 31, 202562,720 $67.426.2$5
The table below provides the amount of stock-based compensation expense, reported in General and administrative expense on the Consolidated Statements of Income and Comprehensive Income:
For the Years Ended December 31,
(amount in thousands)20252024
2023 (1)
Stock-Based Compensation Expense$7,252 $6,702 $14,711 
_____________________
(1)Includes accelerated vesting of stock-based compensation expense of $6.3 million recognized during the quarter ended June 30, 2023, as a result of the passing of a member of our Board of Directors.