Annual report [Section 13 and 15(d), not S-K Item 405]

STOCK-BASED COMPENSATION (Tables)

v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Restricted Stock Award and Unit Activity
The following table summarizes activity for the years ended December 31, 2023, 2024 and 2025:
Number of
Unvested
Restricted Stock Units		 Weighted
Average
Grant Date
Fair Value		 Number of
Unvested
Performance Vesting Restricted Stock Units		 Weighted
Average
Grant Date
Fair Value
Unvested shares as of December 31, 2022 197,772  $ 77.49  190,804  $ 52.15 
Granted 104,901  88.59  83,820  58.39 
Vested (101,804) 75.75  —  — 
Forfeited/canceled (7,267) 91.61  (19,046) 49.37 
Unvested shares as of December 31, 2023 193,602  $ 83.89  255,578  $ 54.40 
Granted(1)
75,476  143.09  188,358  81.90 
Vested (96,942) 81.14  (265,797) 48.65 
Forfeited/canceled (5,122) 114.91  —  — 
Unvested shares as of December 31, 2024 167,014  $ 111.29  178,139  $ 92.06 
Granted 72,184  173.62  76,990  119.33 
Vested (90,720) 105.59  (71,948) 66.82 
Forfeited/canceled (4,812) 140.83  —  — 
Unvested shares as of December 31, 2025 143,666  $ 145.22  183,181  $ 113.44 
_____________________
(1)    The table includes the impacts of performance share units granted in a prior year that vested higher than 100% of target due to the Company's TSR performance compared to peers.
Schedule of Grant Date Fair Value of Awards Granted
The table below summarizes the assumptions used in the Monte Carlo simulation to determine the grant date fair value of awards granted during the years ended December 31, 2023, 2024 and 2025:
Grant date January 24, 2023 March 3, 2023 April 3, 2023 March 1, 2024 March 1, 2025
Forecast period (years) 3 3 3 3 3
Risk-free interest rates 3.88% 4.64% 3.79% 4.36% 3.99%
Implied equity volatility 87.2% 86.4% 70.8% 46.7% 44.6%
Stock price on the date of grant $72.99 $82.20 $79.50 $142.00 $169.80