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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation (income) expense:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(in thousands)	2020		2019			2020			2019
Performance unit incentive plan (“PUP”)	$	149	$	1,033		$	(2,596	)	$	4,013
Restricted stock awards and restricted stock units		1,698		798			3,155			2,435
Stock options		90		—			90			—
Share-based compensation expense before income tax		1,937		1,831			649			6,448
Income tax benefit⁽¹⁾		—		(460	)		—			(1,625	)
Share-based compensation expense, net of income tax	$	1,937	$	1,371		$	649		$	4,823

⁽¹⁾	^{There was no income tax benefit for the three and nine months ended September 30, 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 16 – Income Taxes.}

Summary of Activity of the Outstanding PUP Awards

The following table summarizes the activity of the outstanding PUP awards:

	Equity-Based PUP Awards				Liability-Based PUP Awards
	Shares		Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2019		59,714	$	52.10		155,190		$	52.53
Granted		32,367	$	56.23		52,531		$	56.10
Vested		—	$	—		(67,866	)	$	47.43
Forfeited		—	$	—		(18,370	)	$	56.40
Balance at September 30, 2020		92,081	$	55.49		121,485		$	55.08

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted-Average Exercise Price		Aggregate Intrinsic Value⁽¹⁾
Options outstanding and exercisable at December 31, 2019		41,143		$	16.62
Granted		204,150		$	19.98
Exercised		(41,143	)	$	16.62
Options outstanding at September 30, 2020		204,150		$	19.98	$	229,500
Options exercisable at September 30, 2020		—		$	—	$	—

Summary of Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable as of September 30, 2020:

		Options Outstanding						Options Exercisable
Range of exercise prices		Shares		Weighted-Average Remaining Contractual Life (in years)		Weighted-Average Exercise Price		Shares		Weighted-Average Exercise Price
$	19.30		150,000		8.25	$	19.30		—	$	—
$	21.85		54,150		6.91	$	21.85		—	$	—
$19.30 - $21.85			204,150		7.89	$	19.98		—	$	—

Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant

The fair value of stock options granted in 2020 was estimated on the date of grant using the Black-Scholes option pricing model. Following is additional information on stock options and the underlying assumptions used in assessing fair value:

	Nine Months Ended
	September 30, 2020
Assumptions used to estimate fair value of stock options granted:
Risk-free interest rate	0.27% - 0.31%
Expected life	4.3 - 5.4 years
Expected volatility	46.9% - 52.2%
Expected dividend yield		—
Weighted average grant-date fair value per share of options granted	$	8.38
Cash received from exercise of options (in thousands)	$	2,077