Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Assumptions Used to Estimate Fair Value of Each SAR

The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. There were no SARs issued during the three months ended March 31, 2016. For SARs issued in the three months ended March 31, 2015 the assumptions shown in the following table were used:


	Three Months Ended March 31, 2015
Weighted-average fair value of grants	$	17.10
Dividend yield		0	%
Average risk-free interest rate		1.7	%
Expected term (years)		5
Expected volatility		44	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2016:


	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		47,218	$	35.10
Performance-based restricted stock units (a)		44,611	$	35.75

(a)	Includes 41,287 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2016, and an adjustment of 3,324 grants due to the actual performance level achieved for restricted stock awarded in 2015.

Summary of Stock-Based Compensation Expense

The following table summarizes the Company’s stock-based compensation expense (in thousands):


	Three Months Ended March 31,
	2016		2015
Time-based restricted stock and restricted stock units	$	616	$	833
Performance-based restricted stock and restricted stock units		511		399
Stock appreciation rights		109		189
Employee stock purchase plan		40		33

Total stock-based compensation	$	1,276	$	1,454