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Stock-based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2024:


	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	427,144	$	129.59	5.8	$	14,891
Granted	165,350	118.18
Exercised	(6,570)	57.02
Forfeited	(30,268)	141.91

Outstanding at December 31, 2024	555,656	$	126.38	5.9	$	1,255
Exercisable at December 31, 2024	316,658	$	101.73	3.9	$	1,255

Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted

The fair value of each option granted during the years ended December 31, 2024, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Year Ended December 31,
	2024			2023			2022
Dividend yield	1.43		%	1.26		%	1.32		%
Volatility	42.44		%	40.06		%	36.21		%
Average expected life (years)	6			6			6
Risk-free interest rate	4.33		%	3.95		%	1.97		%
Fair value of options granted	$	48.70		$	98.66		$	63.00

The calculation used the following weighted-average assumptions:


	Year Ended December 31,
	2024		2023		2022

Volatility	49.11	%	50.41	%	51.51	%
Risk-free interest rate	4.41	%	4.51	%	1.72	%

Activity in Performance Unit Awards

The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2024:


	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period	223,856	$	207.61
Granted	168,374	129.41
Vested	(74,188)	133.87
Forfeited	(41,014)	181.28
Nonvested, end of period	277,028	183.16

Activity in Non-Performance Based Restricted Stock Awards

The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2024:


	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period	198,147	$	190.40
Granted	137,436	111.78
Vested	(88,032)	163.53
Forfeited	(40,969)	169.87
Nonvested, end of period	206,582	152.75