Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Net of Forfeitures

For the three months ended March 31, 2022 and 2021, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):

	2022		2021
Equity-classified awards:
Restricted stock	$	780	$	632
Market-based RSUs	1,212		773
Performance-based RSUs	372		256
Director grants	332		6
Employee Stock Purchase Plan	52		—
Total equity-classified award expense, net of forfeitures	2,748		1,667
Liability-classified awards
Time-vested RSUs	132		162
Dividend equivalent units	15		26
Market-based RSUs	—		113
Performance-based RSUs	—		106
Total liability-classified award expense, net of forfeitures	147		407
Total stock-based compensation expense, net of forfeitures	$	2,895	$	2,074

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 the first quarter of 2022:

	Shares and Targeted Units Granted
Market-based RSUs	99,328
Performance-based RSUs	42,571
Restricted stock	99,758

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 the first quarter of 2022:

		Assumptions for RSUs Granted
Volatility	(1)	37.70	%
Risk-free rate	(2)	1.39	%
Stock beta	(3)	1.02	%

(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.