Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2016. For SARs issued in the nine months ended September 30, 2015 the assumptions shown in the following table were used:


	Nine Months Ended September 30, 2015
Weighted-average fair value of grants	$	16.26
Dividend yield		0	%
Average risk-free interest rate		1.6	%
Expected term (years)		5
Expected volatility		43	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the nine months ended September 30, 2016:


	Stock Awards Granted		Weighted-Average Grant Price Per Share
Time-based restricted stock units		57,731	$	37.59
Performance-based restricted stock units (a)		44,925	$	35.83

(a)	Includes 41,601 of target performance-based restricted stock unit awards granted during the nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Stock appreciation rights		—	$	111	$	184	$	400
Time-based restricted stock and units		368		750		1,847		2,245
Performance-based restricted stock and units		450		432		1,680		1,320
Employee stock purchase plan		43		11		95		56

Total stock-based compensation	$	861	$	1,304	$	3,806	$	4,021