Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Stock-Based Compensation Expense

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

	Three Months Ended March 31,
	2024		2023
Stock appreciation rights	$	271	$	215
Time-based restricted stock and restricted stock units		1,074		935
Performance-based restricted stock and restricted stock units		1,642		724
Employee stock purchase plan		166		98
Total stock-based compensation	$	3,153	$	1,972

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, 2024 and March 31, 2023, the data and assumptions shown in the following table were used:

	Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Weighted-average fair value of grants	$	44.83		$	27.19
Dividend yield		0	%		0	%
Average risk-free interest rate		4.3	%		4.0	%
Expected term (years)		5			5
Expected volatility		51.2	%		49.5	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2024:

	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		48,628	$	90.86
Performance-based restricted stock units (a)		80,371	$	81.01
Stock appreciation rights		33,277	$	84.72

(a) Includes 55,834 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2024, and adjustments of 25,315, and (778) to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2023 and 2021, respectively.