Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

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 three months ended March 31, 2016. For SARs issued in the three months ended March 31, 2017 the data and assumptions shown in the following table were used:

	Three Months Ended March 31, 2017
Weighted-average fair value of grants	$	27.81
Dividend yield		0	%
Average risk-free interest rate		2.0	%
Expected term (years)		5
Expected volatility		42	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2017:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		19,391	$	70.07
Performance-based restricted stock units (a)		40,216	$	56.19
Stock appreciation rights		16,340	$	70.09

(a) Includes 22,895 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2017, and adjustments of 1,071, 5,396, and 10,854 grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2014, 2015, and 2016, respectively.

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31,
	2017		2016
Stock appreciation rights	$	167	$	109
Time-based restricted stock and units		737		616
Performance-based restricted stock and units		1,039		511
Employee stock purchase plan		22		40
Total stock-based compensation	$	1,965	$	1,276