Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Summary of Stock-Based Compensation Grants

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

 

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		54,126	$	53.87
Performance-based restricted stock units (a)		78,404	$	39.60
Stock appreciation rights		43,830	$	50.39

(a) Includes 54,024 of target performance-based restricted stock unit awards granted during the nine months ended September 30, 2020, and adjustments of (5,124), 6,058 and 23,446 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 nine months ended September 30, 2020 and 2019 the data and assumptions shown in the following table were used:

	Nine Months Ended September 30, 2020			Nine Months Ended September 30, 2019
Weighted-average fair value of grants	$	17.81		$	14.78
Dividend yield		0	%		0	%
Average risk-free interest rate		1.3	%		2.5	%
Expected term (years)		5			5
Expected volatility		38.3	%		39.1	%

Summary of Stock-Based Compensation Expense

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Stock appreciation rights	$	99	$	82	$	548	$	580
Time-based restricted stock and restricted stock units		663		602		2,590		3,057
Performance-based restricted stock and restricted stock units		774		162		2,471		2,045
Employee stock purchase plan		79		80		310		162
Total stock-based compensation	$	1,615	$	926	$	5,919	$	5,844