Stock Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity for the three months ended March 31, 2021 follows (shares in thousands):

	Restricted Stock Units	Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2020	1,726	$	17.87
Granted	963	28.32
Vested	(839)	16.75
Forfeited and expired	(73)	18.18
Outstanding at March 31, 2021	1,777	22.38

Schedule of Assumptions Used

The fair value of awards with market conditions was estimated using a Monte Carlo simulation with the following weighted-average assumptions:

	Three Months Ended March 31,
	2021			2020
Weighted-average fair value of grant	$	40.02		$	28.33
Risk-free interest rate(i)	0.27		%	1.35		%
Expected volatility(ii)	57.08		%	51.81		%
Expected life of restricted stock units in years(iii)	2.84			2.86
Expected dividend yield	—		%	—		%

(i)Represents the continuously compounded semi-annual zero-coupon U.S. treasury rate commensurate with the remaining performance period

(ii)Based on historical volatility for the company that is commensurate with the length of the performance period

(iii)Represents the remaining life of the longest performance period