Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the nine months ended September 30, 2021:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		33,442	$	101.28
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 nine months ended September 30, 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.

Summary of Assumptions Used to Estimate Fair Value of Each SAR

For SARs issued in the nine months ended September 30, 2021 and September 30, 2020 the data and assumptions shown in the following table were used:

	Nine Months Ended September 30, 2021			Nine Months Ended September 30, 2020
Weighted-average fair value of grants	$	51.84		$	17.81
Dividend yield		0	%		0	%
Average risk-free interest rate		0.6	%		1.3	%
Expected term (years)		5			5
Expected volatility		58.7	%		38.3	%

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,
	2021		2020		2021		2020
Stock appreciation rights	$	94	$	99	$	352	$	548
Time-based restricted stock and restricted stock units		692		663		2,133		2,590
Performance-based restricted stock and restricted stock units		1,047		774		3,487		2,471
Employee stock purchase plan		54		79		223		310
Total stock-based compensation	$	1,887	$	1,615	$	6,195	$	5,919