Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31
	2020		2019
Stock appreciation rights	$	354	$	295
Time-based restricted stock and restricted stock units		1,256		1,149
Performance-based restricted stock and restricted stock units		1,135		1,314
Employee stock purchase plan		30		35
Total stock-based compensation	$	2,775	$	2,793

Summary of Assumptions Used to Estimate Fair Value of Each SAR

For SARs issued in the three months ended March 31, 2020 and 2019 the data and assumptions shown in the following table were used:

	Three Months Ended March 31, 2020			Three Months Ended March 31, 2019
Weighted-average fair value of grants	$	35.65		$	29.56
Dividend yield		0	%		0	%
Average risk-free interest rate		1.4	%		2.5	%
Expected term (years)		5			5
Expected volatility		37.8	%		39.1	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2020:

	Stock Awards Granted		Weighted-Average  Grant Price Per Share
Time-based restricted stock units		19,769	$	101.53
Performance-based restricted stock units (a)		36,510	$	78.18
Stock appreciation rights		19,792	$	101.66

(a) Includes 24,320 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2020, and adjustments of (2,562), 3,029 and 11,723 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2019, 2018 and 2017, respectively.