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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Compensation Expense Connection with Awards along with the related tax benefits recognized during the years ended December 31 were as follows (in thousands):
202420232022
Total stock compensation expense$10,963 $9,750 $8,334 
Tax benefits recognized related to stock compensation expense$2,302 $2,516 $2,175 
Schedule of Number of Awards and Weighted Average Grant Date Fair Value
The following table provides the number of stock units and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award:
 202420232022
AwardsNumber
of Awards
Weighted
Average
Grant Date
Fair Value
Number
of Awards
Weighted
Average
Grant Date
Fair Value
Number
of Awards
Weighted
Average
Grant Date
Fair Value
Deferred stock units3,340 $68.86 6,351 $54.33 2,460 $42.69 
Common stock7,564 $68.64 8,468 $54.33 15,652 $42.49 
Restricted stock units82,930 $71.77 99,820 $61.93 132,430 $43.92 
Performance stock units (1)60,765 $77.28 85,323 $53.22 108,464 $47.00 
(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance. The number of shares to be issued may vary between 0% and 200% of the number of PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on the Company’s return on invested capital (“ROIC”) over a one-year period performance period.
Summary of Information About Restricted Stock Units and Weighted Average Grant Date Fair Value
The following table summarizes information about non-vested restricted stock units and performance stock units (that will convert to shares upon vesting), deferred stock units and common stock:
Restricted
Stock
Units
Weighted
Average
Grant Date
Fair Value
Common
Stock
Weighted
Average
Grant Date
Fair Value
Performance
Stock Units
Weighted
Average
Grant Date
Fair Value
Deferred
Stock
Units (2)
Weighted
Average
Grant Date
Fair Value
Balance at December 31, 2023232,970 $53.75 — $— 136,246 $52.27 44,479 $46.90 
Granted82,930 $71.77 7,564 $68.64 60,765 $77.28 3,340 $68.86 
Adjustments (1)— $— — $— 76,734 $53.04 — $— 
Vested(63,451)$60.34 (7,564)$68.64 (10,148)$68.73 (13,329)$36.47 
Forfeited(20,109)$60.75 — $— — $— — $— 
Balance at December 31, 2024232,340 $57.78 — $— 263,597 $57.62 34,490 $53.06 
(1) Adjustments during the first quarter of 2024 for (i) an additional 77,498 units for PSUs granted in 2023 to reflect 200.0% of the target amount granted based on the Company's actual ROIC compared to ROIC target for the performance period ended December 31, 2023, and (ii) a reduction of 764 units for PSUs granted in 2020 to reflect 93.0% of the target amount granted based on individual performance goals ended December 31, 2023.
(2) Vested and issuable upon termination from service as a member of the Company's Board of Directors.
Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested
The following table sets forth the aggregate fair value of restricted stock units, common stock, performance stock units with a financial performance condition, and deferred stock units that vested during the years ended December 31 (in thousands):
202420232022
Aggregate fair value of vested restricted stock units$4,626 $4,740 $3,920 
Aggregate fair value of vested common stock$519 $460 $665 
Aggregate fair value of vested performance stock units$788 $3,999 $6,729 
Aggregate fair value of vested deferred stock units$230 $345 $105 
Cash Paid to Settle Liability Awards
The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to MSPP liabilities and MSPP expense during years ended December 31:
202420232022
Restricted stock units credited43,566 48,921 12,365 
Restricted stock units balance, vested and unvested205,221 199,946 158,644 
Share-based liabilities paid (in thousands)$2,821 $2,392 $3,689 
MSPP expense (recovery) (in thousands)$3,890 $4,710 $(4,459)