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Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Fair Value Assumptions for Stock Options The following are the weighted-average assumptions used to calculate the grant-date fair values of stock option and SARs awards granted in the years ended December 31, 2025, 2024 and 2023:

 

 

For the Years Ended December 31

 

 

2025

 

2024

 

2023

Expected dividend yield

 

1.34%

 

1.22%

 

1.19%

Expected volatility

 

31.80%

 

30.89%

 

31.29%

Expected term

 

6.9 years

 

6.8 years

 

7.2 years

Risk-free interest rate

 

4.09%

 

4.23%

 

4.03%

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2025 is presented below:

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic
Value
($000)

 

Options

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2025

 

 

338,352

 

 

$

89.21

 

 

 

 

 

 

 

Granted

 

 

4,364

 

 

 

59.86

 

 

 

 

 

 

 

Exercised

 

 

(2,473

)

 

 

42.17

 

 

 

 

 

 

 

Forfeited

 

 

(910

)

 

 

101.39

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

339,333

 

 

 

89.14

 

 

 

3.13

 

 

$

 

Vested or expected to vest at December 31, 2025

 

 

339,333

 

 

 

89.14

 

 

 

3.13

 

 

 

 

Exercisable at December 31, 2025

 

 

332,083

 

 

 

89.49

 

 

 

3.01

 

 

 

 

Summary of Stock Award Activity

A summary of stock award activity for the year ended December 31, 2025, is presented below:

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Stock Awards

 

 

 

 

 

 

Unvested at January 1, 2025

 

 

74,805

 

 

$

79.09

 

Granted

 

 

158,718

 

 

 

56.98

 

Vested

 

 

(27,852

)

 

 

89.52

 

Forfeited/modified due to change of assumptions

 

 

(45,525

)

 

 

59.18

 

Unvested at December 31, 2025

 

 

160,146

 

 

 

61.03

 

Summary of SARs Activity

The following is a summary of SARs activity for the year ended December 31, 2025:

 

 

 

Shares

 

 

Weighted-
Average
Exercise Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic Value
($000)

 

SARs

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2025

 

 

845,019

 

 

$

96.26

 

 

 

 

 

 

 

Granted

 

 

131,503

 

 

 

58.84

 

 

 

 

 

 

 

Exercised

 

 

(11,920

)

 

 

41.79

 

 

 

 

 

 

 

Forfeited

 

 

(21,692

)

 

 

79.08

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

942,910

 

 

 

92.12

 

 

 

4.98

 

 

$