Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31,
	2023		2022
Stock appreciation rights	$	215	$	154
Time-based restricted stock and restricted stock units		935		847
Performance-based restricted stock and restricted stock units		724		1,158
Employee stock purchase plan		98		67
Total stock-based compensation	$	1,972	$	2,226

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 three months ended March 31, 2023, and March 31, 2022, the data and assumptions shown in the following table were used:

	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Weighted-average fair value of grants	$	27.19		$	33.90
Dividend yield		0	%		0	%
Average risk-free interest rate		4.0	%		1.9	%
Expected term (years)		5			5
Expected volatility		49.5	%		44.9	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2023:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		76,698	$	56.75
Performance-based restricted stock units (a)		96,013	$	56.79
Stock appreciation rights		51,916	$	56.80

(a) Includes 11,059 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2023, and adjustments of 1,413, and 9,646 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2021, and 2020, respectively.