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

Share-Based Compensation (Tables)

v3.25.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards and Units Activity
The following table summarizes activity related to RSUs under the 2021 Plan for the years ended December 31, 2025 and 2024:
Years Ended December 31,
2025 2024
Restricted Stock Units (1)
Restricted Stock Units (1)
Number of RSUs Weighted-Average Grant-Date Fair Value per Share Number of RSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period 69,636  $ 170  56,025  $ 176 
Granted 19,512  457  37,965  160 
Vested (2)
(36,177) 166  (23,436) 169 
Cancelled and forfeited (267) 457  (918) 176 
Nonvested at end of period 52,704  $ 277  69,636  $ 170 
(1)RSUs vest in one-third increments over a three-year period.
(2)Of the 36,177 RSUs that vested during the year ended December 31, 2025, 14,262 RSUs were surrendered by employees to the Company upon vesting to settle tax withholdings. Of the 23,436 RSUs that vested during the year ended December 31, 2024, 8,844 RSUs were surrendered by employees to the Company upon vesting to settle tax withholding obligations.
The following table summarizes activity related to the RSAs under the 2021 Directors Plan for the years ended December 31, 2025 and 2024:
Years Ended December 31,
2025 2024
Restricted Stock Awards Restricted Stock Awards
Number of RSAs Weighted-Average Grant-Date Fair Value per Share Number of RSAs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period —  $ —  3,402  $ 260 
Granted (1)
3,564  369  6,480  175 
Vested (3,564) 369  (9,882) 204 
Cancelled and forfeited —  —  —  — 
Nonvested at end of period —  $ —  —  $ — 
(1)RSAs vest in full on the date of grant.
Schedule of Performance Share Units Activity
The following table summarizes activity related to PSUs under the 2021 Plan for the years ended December 31, 2025 and 2024:
Years Ended December 31,
2025 2024
Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share Number of Target PSUs Weighted-Average Grant-Date Fair Value per Share
Nonvested at beginning of period(1)
63,234  $ 191  38,214  $ 198 
Granted(2)
11,544  548  25,020  179 
Vested(3)
(21,546) 151  —  — 
Cancelled and forfeited —  —  —  — 
Nonvested at end of period 53,232  $ 285  63,234  $ 191 
(1)Nonvested PSUs as of January 1, 2025 included 31,617 RTSR (as defined below) PSUs and 31,617 FCF (as defined below) PSUs. If the maximum of the performance metrics described in the applicable PSU agreements are achieved, the actual number of shares that will ultimately vest pursuant to the PSU agreements will exceed target PSUs by 100% (i.e., a collective 63,234 additional shares would be issued).
(2)The PSUs were granted on February 15, 2025 and include 5,772 RTSR PSUs (based on target) with a grant date fair value of $638 per share and 5,772 FCF PSUs (based on target) with a grant date fair value of $457 per share. If the maximum amount of the performance metrics described in the applicable PSU agreements are achieved, the actual number of shares that will ultimately vest pursuant to the PSU agreements will exceed target PSUs by 100% (i.e., a collective 11,544 additional shares would be issued).
(3)Vested PSUs are based on the original number of PSUs granted (i.e., target units). The actual number of shares delivered upon vesting of PSUs during the year ended December 31, 2025 totaled 43,092 shares, of which 18,750 shares were surrendered by employees to the Company upon vesting to settle tax withholding obligations.
Schedule of Share-Based Compensation Expense
The following table summarizes our share-based compensation expense by line item in the consolidated statements of income (in thousands):
Years Ended December 31,
2025 2024 2023
Salaries and related employee expenses (employee awards) $ 13,817  $ 11,364  $ 9,124 
General and administrative expenses (director awards) 1,314  1,134  1,219 
Total share-based compensation expense (1)
$ 15,131  $ 12,498  $ 10,343 
(1)The Company recognized a tax benefit of $3.2 million, $2.6 million, and $2.2 million related to share-based compensation for the years ended December 31, 2025, 2024, and 2023, respectively.