Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the six months ended June 30, 2020:

	Stock Awards Granted		Weighted-Average  Grant Price Per Share
Time-based restricted stock units		21,689	$	99.95
Performance-based restricted stock units (a)		38,842	$	78.64
Stock appreciation rights		21,643	$	100.30

(a) Includes 26,652 of target performance-based restricted stock unit awards granted during the six months ended June 30, 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.

Summary of Assumptions Used to Estimate Fair Value of Each SAR

For SARs issued in the six months ended June 30, 2020 and 2019 the data and assumptions shown in the following table were used:

	Six Months Ended June 30, 2020			Six Months Ended June 30, 2019
Weighted-average fair value of grants	$	35.37		$	29.56
Dividend yield		0	%		0	%
Average risk-free interest rate		1.3	%		2.5	%
Expected term (years)		5			5
Expected volatility		38.2	%		39.1	%

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,
	2020		2019		2020		2019
Stock appreciation rights	$	96	$	203	$	450	$	498
Time-based restricted stock and restricted stock units		671		1,306		1,928		2,455
Performance-based restricted stock and restricted stock units		562		569		1,695		1,883
Employee stock purchase plan		200		47		230		82
Total stock-based compensation	$	1,529	$	2,125	$	4,303	$	4,918