Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2022:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		38,164	$	82.27
Performance-based restricted stock units (a)		71,731	$	76.24
Stock appreciation rights		32,971	$	82.01

(a) Includes 46,651 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2022, and adjustments of 8,160, 11,684, and 5,236 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2021, 2020, and 2019, respectively.

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, 2022			Three Months Ended March 31, 2021
Weighted-average fair value of grants	$	33.90		$	51.84
Dividend yield		0	%		0	%
Average risk-free interest rate		1.9	%		0.6	%
Expected term (years)		5			5
Expected volatility		44.9	%		58.7	%

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31
	2022		2021
Stock appreciation rights	$	154	$	114
Time-based restricted stock and restricted stock units		847		687
Performance-based restricted stock and restricted stock units		1,158		1,275
Employee stock purchase plan		67		100
Total stock-based compensation	$	2,226	$	2,176