Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions Used to Estimate Fair Value of Each SAR

The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. There were no SARs issued during the six months ended June 30, 2016. For SARs issued in the six months ended June 30, 2015 the assumptions shown in the following table were used:

	Six Months Ended June 30, 2015
Weighted-average fair value of grants	$	17.10
Dividend yield		0	%
Average risk-free interest rate		1.7	%
Expected term (years)		5
Expected volatility		44	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the six months ended June 30, 2016:

	Stock Awards Granted		Weighted-Average          Grant Price Per Share
Time-based restricted stock units		47,708	$	35.22
Performance-based restricted stock units (a)		44,925	$	35.83

(a) Includes 41,601 of target performance-based restricted stock unit awards granted during the six months ended June 30, 2016, and an adjustment of 3,324 grants due to the actual performance level achieved for restricted stock awarded in 2015.

Summary of Stock-Based Compensation Expense

The following table summarizes the Company’s stock-based compensation expense (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Stock appreciation rights	$	75	$	99	$	184	$	288
Time-based restricted stock		863		662		1,479		1,496
Performance-based restricted stock		720		489		1,230		888
Employee stock purchase plan		11		12		52		45
Total stock-based compensation	$	1,669	$	1,262	$	2,945	$	2,717