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

STOCK BASED AND DEFERRED COMPENSATION (Tables)

v3.25.4
STOCK BASED AND DEFERRED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Nonvested (Restricted) Shares and Units Activity
We grant time-based and performance-based restricted shares or units. Except in limited cases, performance-based restricted shares and units are only granted to executive officers. All performance share awards only vest upon the attainment of certain financial and operational criteria as established and approved by our Board of Directors. The number of shares that may be issued to the award recipients may be greater or lesser than the target award amount depending on actual performance achieved as compared to the performance targets set forth in the awards.
 
Nonvested
Restricted Share
Activity
(time-based)		 Weighted
Average
Grant Date
Fair Value		 Nonvested
Restricted
Share Activity
(performance-
based)		 Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2023 1,318,204  $ 40.26  289,334  $ 35.67 
Granted (1) 369,126  56.18  138,262  50.65 
Vested (Earned/Released) (1) (421,222) 34.73  (161,830) 36.59 
Forfeited (2) (125,044) 46.08  —  — 
Outstanding as of December 31, 2023 1,141,064  46.82  265,766  50.33 
Granted (3) 285,054  76.74  111,902  66.08 
Vested (Earned/Released) (3) (411,266) 42.27  (125,142) 41.90 
Forfeited (2) (10,446) 63.51  —  — 
Outstanding at December 31, 2024 1,004,406  57.00  252,526  60.35 
Granted (4) 321,213  73.59  105,442  73.35 
Vested (Earned/Released) (4) (427,748) 50.88  (109,187) 50.18 
Forfeited (2) (97,491) 66.18  (44,893) 48.23 
Outstanding at December 31, 2025 800,380  $ 65.80  203,888  $ 70.60 
 
(1)Performance-based shares granted and earned/released for the year ended December 31, 2023 includes 52,334 shares that were issued as a result of the performance achievement exceeding the performance targets related to grants to our executive officers for the year ended December 31, 2020. These shares vested in February 2023.
(2)Forfeitures on time-based nonvested shares are a result of terminations of employment, while forfeitures on performance-based nonvested shares are the result of failing to attain certain goals as outlined in our executive officers' compensation agreements or as a result of terminations of employment.
(3)Performance-based shares granted and earned/released for the year ended December 31, 2024 includes 31,956 shares that were issued as a result of the performance achievement exceeding the performance targets related to grants to our executive officers for the year ended December 31, 2021. These shares vested in March 2024.
(4)Performance-based shares granted and earned/released for the year ended December 31, 2025 includes 22,535 shares that were issued as a result of the performance achievement exceeding the performance targets related to grants to our executive officers for the year ended December 31, 2022. These shares vested in February 2025.
Summary of Compensation Expense and Stock Award Activity Below is a summary of stock-based compensation expense and stock award activity (dollars in thousands):
  Years Ended December 31,
  2025 2024 2023
Stock-based compensation expense $ 19,683  $ 25,809  $ 22,511 
Summary of Additional Information Regarding Stock Plan
The following table includes additional information regarding our stock compensation plan (dollars in thousands):
  At December 31,
  2025 2024
Unrecognized stock-based compensation cost (1) $ 30,419  $ 30,666 
Weighted average years expense recognition period 1.97 1.95
Total equity awards outstanding (1) 1,004,268  1,256,932 
(1) Includes unvested restricted stock units and performance-based awards (assuming 100%/target payout).