Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31
	2021		2020
Stock appreciation rights	$	114	$	354
Time-based restricted stock and restricted stock units		687		1,256
Performance-based restricted stock and restricted stock units		1,275		1,135
Employee stock purchase plan		100		30
Total stock-based compensation	$	2,176	$	2,775

Summary of Assumptions Used to Estimate Fair Value of Each SAR

For SARs issued in the three months ended March 31, 2021 and March 31, 2020 the data and assumptions shown in the following table were used:

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
Weighted-average fair value of grants	$	51.84		$	17.83
Dividend yield		0	%		0	%
Average risk-free interest rate		0.6	%		1.4	%
Expected term (years)		5			5
Expected volatility		58.7	%		37.8	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2021:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		23,330	$	103.89
Performance-based restricted stock units (a)		36,522	$	86.26
Stock appreciation rights		15,029	$	104.56

(a) Includes 26,511 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2021, and adjustments of 4,813, (887), and 6,085 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2020, 2019, and 2018, respectively.