Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Net of Forfeitures

For the three and nine months ended September 30, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Equity-classified awards:
Restricted stock	$	682	$	568	$	1,995	$	2,016
Market based RSUs	587		284		1,946		998
Performance based RSUs	203		78		677		340
Total equity-classified award expense, net of forfeitures	1,472		930		4,618		3,354
Liability-classified awards
Market based RSUs	827		503		1,597		942
Performance based RSUs	83		(48)		340		(133)
Time vested RSUs	149		82		522		361
Dividend equivalent units	24		66		76		193
Total liability-classified award expense, net of forfeitures	1,083		603		2,535		1,363
Total stock-based compensation expense, net of forfeitures	$	2,555	$	1,533	$	7,153	$	4,717

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.