STOCK-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Summary of Stock-Based Compensation Expense |
The following is a summary of stock-based compensation expense we recorded during the respective periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| |
|
|
|
|
2025 |
|
2024 |
|
2023 |
| |
|
|
|
|
(in thousands) |
| Selling, general and administrative expenses |
|
|
|
|
$ |
108,680 |
|
|
$ |
50,668 |
|
|
$ |
40,751 |
|
| Corporate expenses |
|
|
|
|
46,539 |
|
|
59,680 |
|
|
75,208 |
|
| Total |
|
|
|
|
$ |
155,219 |
|
|
$ |
110,348 |
|
|
$ |
115,959 |
|
|
| Summary of Stock Options Activity |
The following table presents a summary of our stock options outstanding at the dates given, and stock option activity for the period between such dates (“Price” reflects the weighted average exercise price per share):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| |
2025 |
|
2024 |
|
2023 |
| |
Options |
|
Price |
|
Options |
|
Price |
|
Options |
|
Price |
| |
(in thousands, except per share data) |
| Outstanding January 1 |
1,514 |
|
|
$ |
34.12 |
|
|
2,366 |
|
|
$ |
32.85 |
|
|
3,257 |
|
|
$ |
29.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
(589) |
|
|
22.32 |
|
|
(851) |
|
|
30.57 |
|
|
(891) |
|
|
21.63 |
|
Forfeited or expired |
— |
|
|
— |
|
|
(1) |
|
|
63.29 |
|
|
— |
|
|
— |
|
| Outstanding December 31 |
925 |
|
|
$ |
41.65 |
|
|
1,514 |
|
|
$ |
34.12 |
|
|
2,366 |
|
|
$ |
32.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable December 31 |
925 |
|
|
$ |
41.65 |
|
|
1,513 |
|
|
$ |
34.09 |
|
|
2,362 |
|
|
$ |
32.78 |
|
| Weighted average fair value per option granted |
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
| Summary of Stock Options, by Range of Exercise Price |
As of December 31, 2025, all outstanding stock options were vested and exercisable, and expiration dates range from May 2026 to December 2030 at exercise prices and average contractual lives as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Range of
Exercise
Prices |
|
Outstanding
as of
12/31/25 |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price
|
|
Exercisable
as of
12/31/25 |
|
Weighted
Average
Remaining
Contractual
Life |
|
Weighted
Average
Exercise
Price |
|
|
(in thousands)
|
|
(in years)
|
|
|
|
(in thousands)
|
|
(in years)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$20.00 - $24.99 |
|
5 |
|
|
0.4 |
|
$ |
23.43 |
|
|
5 |
|
|
0.4 |
|
$ |
23.43 |
|
$25.00 - $29.99 |
|
453 |
|
|
1.2 |
|
$ |
29.03 |
|
|
453 |
|
|
1.2 |
|
$ |
29.03 |
|
$30.00 - $44.99 |
|
110 |
|
|
2.2 |
|
$ |
44.05 |
|
|
110 |
|
|
2.2 |
|
$ |
44.05 |
|
$45.00 - $60.99 |
|
348 |
|
|
3.2 |
|
$ |
56.82 |
|
|
348 |
|
|
3.2 |
|
$ |
56.82 |
|
$61.00 - $89.99 |
|
9 |
|
|
4.9 |
|
$ |
70.26 |
|
|
9 |
|
|
4.9 |
|
$ |
70.26 |
|
|
| Summary of Unvested Restricted Stock Activity |
The following table presents a summary of our unvested restricted stock awards outstanding at December 31, 2025, 2024 and 2023 (“Price” reflects the weighted average share price at the date of grant):
|
|
|
|
|
|
|
|
|
|
|
|
| |
Restricted Stock
|
| |
Awards |
|
Price |
| |
(in thousands, except per share data) |
| Unvested at December 31, 2022 |
996 |
|
|
$ |
89.22 |
|
| Granted |
841 |
|
|
70.51 |
|
| Forfeited |
(7) |
|
|
92.06 |
|
| Vested |
(357) |
|
|
89.93 |
|
| Unvested at December 31, 2023 |
1,473 |
|
|
$ |
78.34 |
|
| Granted |
749 |
|
|
96.49 |
|
| Forfeited |
(32) |
|
|
85.51 |
|
| Vested |
(710) |
|
|
81.84 |
|
| Unvested at December 31, 2024 |
1,480 |
|
|
$ |
85.70 |
|
| Granted |
877 |
|
|
132.43 |
|
| Forfeited |
(63) |
|
|
96.61 |
|
| Vested |
(892) |
|
|
92.50 |
|
| Unvested at December 31, 2025 |
1,402 |
|
|
$ |
109.72 |
|
|
| Assumptions Used to Calculate Fair Value of Deferred Stock Awards |
The following assumptions were used to calculate the fair value of the deferred stock awards with market conditions on the date of grant:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| |
2025 |
|
2024 |
|
2023 |
| Risk-free interest rate |
3.67% - 3.90% |
|
4.17 |
% |
|
4.47 |
% |
| Volatility factors |
33.37% - 37.00% |
|
40.57 |
% |
|
39.33 |
% |
| Weighted average expected life (in years) |
4.79 |
|
4.84 |
|
5.22 |
|
| Summary of Deferred Stock Activity |
The following table presents a summary of our unvested deferred stock awards outstanding at December 31, 2025, 2024 and 2023 (“Price” reflects the weighted average grant date fair value):
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Stock
|
|
Awards |
|
Price |
|
(in thousands, except per share data) |
| Unvested at December 31, 2022 |
2,160 |
|
|
$ |
59.79 |
|
| Awarded |
289 |
|
|
70.47 |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
— |
|
|
— |
|
| Unvested at December 31, 2023 |
2,449 |
|
|
$ |
61.05 |
|
| Awarded |
33 |
|
|
76.61 |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
(486) |
|
|
66.87 |
|
| Unvested at December 31, 2024 |
1,996 |
|
|
$ |
59.89 |
|
| Awarded |
781 |
|
|
99.40 |
|
| Forfeited |
— |
|
|
— |
|
| Vested |
(1,021) |
|
|
62.87 |
|
| Unvested at December 31, 2025 |
1,756 |
|
|
$ |
75.74 |
|
|