Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
The Company's Stock Incentive Plan allows for grants of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, and other share-based or cash-based awards to officers, executives, key employees and nonemployee members of the Company’s Board of Directors. The Company uses original issuance shares to satisfy share-based payments.
SHARE-BASED COMPENSATION EXPENSE
Share-based compensation expense, which is primarily recorded in Selling, general and administrative ("SG&A") expenses, consisted of the following:
STOCK OPTIONS
During the nine months ended September 30, 2025, the Company granted a total of 160,263 stock options at a weighted average grant date fair value of $19.23 per option. As of September 30, 2025, unrecognized costs related to outstanding stock options, which are net of estimated forfeitures, totaled $6.8 million, before any related tax benefit. These unrecognized costs related to stock options are expected to be recognized over a weighted average period of 2.01 years.
RESTRICTED STOCK UNITS
Time-Based Restricted Stock Units
During the nine months ended September 30, 2025, the Company granted 371,810 time-based restricted stock units ("time-based RSUs") at a weighted average grant date fair value of $79.61 per time-based RSU. As of September 30, 2025, unrecognized costs related to outstanding time-based RSUs, which are net of estimated forfeitures, totaled $37.6 million, before any related tax benefit. These unrecognized costs related to time-based RSUs are expected to be recognized over a weighted average period of 2.59 years.
Performance-Based Restricted Stock Units
During the nine months ended September 30, 2025, the Company granted 22,860 performance-based restricted stock units (“performance-based RSUs”) at a weighted average grant date fair value of $81.05 per performance-based RSU. As of September 30, 2025, unrecognized costs related to outstanding performance-based RSUs, which are net of estimated forfeitures and reflect achievement of performance forecasted as of the balance sheet date, totaled $0.7 million, before any related tax benefit. These unrecognized costs related to performance-based RSUs are expected to be recognized over a weighted average period of 1.50 years.
Market-Based Restricted Stock Units
During the nine months ended September 30, 2025, the Company granted 22,860 market-based restricted stock units (“market-based RSUs”) at a weighted average grant date fair value of $117.40 per market-based RSU. As of September 30, 2025, unrecognized costs related to outstanding market-based RSUs, which are net of estimated forfeitures, totaled $2.6 million, before any related tax benefit. These unrecognized costs related to market-based RSUs are expected to be recognized over a weighted average period of 1.75 years.
Market-Based Long-Term Cash Awards During the nine months ended September 30, 2025, the Company issued a long-term cash award to its Chief Executive Officer with a target value of $1.3 million that includes both a market and time-based vesting condition. As of September 30, 2025, the fair value of all outstanding market-based long-term cash awards was $0.8 million and the Company had unrecognized compensation costs of $0.5 million. These unrecognized costs are expected to be recognized over a weighted average period of 1.67 years.
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