Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the six months ended June 30, 2022:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		39,001	$	81.85
Performance-based restricted stock units (a)		72,152	$	76.14
Stock appreciation rights		32,971	$	82.01

(a) Includes 47,072 of target performance-based restricted stock unit awards granted during the six months ended June 30, 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

The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. For SARs issued in the six months ended June 30, 2022 and June 30, 2021 the data and assumptions shown in the following table were used:

	Six Months Ended June 30, 2022			Six Months Ended June 30, 2021
Weighted-average fair value of grants	$	33.9		$	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 June 30,					Six Months Ended June 30,
	2022			2021		2022		2021
Stock appreciation rights	$	196		$	144	$	350	$	258
Time-based restricted stock and restricted stock units		959			754		1,806		1,441
Performance-based restricted stock and restricted stock units		(151	)		1,165		1,007		2,440
Employee stock purchase plan		53			69		119		169
Total stock-based compensation	$	1,057		$	2,132	$	3,282	$	4,308