Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Net of Forfeitures

For the three months ended March 31, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):

	2021		2020
Equity-classified awards:
Restricted stock	$	632	$	696
Market based RSUs	773		427
Performance based RSUs	256		161
Director grants	6		—
Total equity-classified award expense, net of forfeitures	1,667		1,284
Liability-classified awards
Market based RSUs	113		(1,019)
Performance based RSUs	106		(184)
Time vested RSUs	162		149
Dividend equivalent units	26		34
Total liability-classified award expense, net of forfeitures	407		(1,020)
Total stock-based compensation expense, net of forfeitures	$	2,074	$	264

Summary of grants of equity and liability classified award activity

The following table summarizes the grants of equity-classified awards made by the Company in February 2021.

	Shares and Targeted Units Granted
Market-based RSUs	101,791
Performance-based RSUs	43,622
Restricted stock	102,262
Director grants	185

Summary of valuation assumptions

The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in February 2021:

		Assumptions for RSUs Granted
Volatility	(1)	37.50	%
Risk-free rate	(2)	0.17	%
Stock beta	(3)	1.04	%

(1) Based on historical volatility over three years using daily stock price.

(2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release.

(3) Betas are calculated with up to three years of daily stock price data.