Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022			2023		2022
Stock appreciation rights	$	198	$	196		$	412	$	350
Time-based restricted stock and restricted stock units		871		959			1,806		1,806
Performance-based restricted stock and restricted stock units		1,320		(151	)		2,044		1,007
Employee stock purchase plan		201		53			300		119
Total stock-based compensation	$	2,590	$	1,057		$	4,562	$	3,282

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, 2023, and June 30, 2022, the data and assumptions shown in the following table were used:

	Six Months Ended June 30, 2023			Six Months Ended June , 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 six months ended June 30, 2023:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		77,675	$	56.73
Performance-based restricted stock units (a)		96,013	$	56.79
Stock appreciation rights		51,916	$	56.80

(a) Includes 85,044 of target performance-based restricted stock unit awards granted during the six months ended June 30, 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.