Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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:

	Year Ended December 31,
(in thousands)	2020			2019			2018
Performance unit incentive plan (“PUP”)	$	(2,187	)	$	3,990		$	2,260
Restricted stock awards and restricted stock units		4,523			3,200			2,610
Stock options		317			—			—
Share-based compensation expense before income tax		2,653			7,190			4,870
Income tax benefit(1)		—			(2,241	)		(1,227	)
Share-based compensation expense, net of income tax	$	2,653		$	4,949		$	3,643

⁽¹⁾ There was no income tax benefit for the year ended 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 17 – 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		$	55.10		155,190		$	52.53
Granted		32,367		$	56.23		52,531		$	56.10
Vested		—		$	—		(67,866	)	$	47.43
Forfeited		(30,873	)	$	52.15		(18,370	)	$	56.40
Balance at December 31, 2020		61,208		$	57.18		121,485		$	56.34

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 December 31, 2020		204,150		$	19.98	$	3,305,928
Options exercisable at December 31, 2020		—		$	—	$	—

⁽¹⁾ The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.  

Summary of Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable as of December 31, 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		8.00	$	19.30		—	$	—
$	21.85		54,150		6.65	$	21.85		—	$	—
$19.30 - $21.85			204,150		7.64	$	19.98		—	$	—

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

Following is additional information on stock options and the underlying assumptions used in assessing fair value:

	Year Ended
	December 31, 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