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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense (in thousands):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Time-based restricted stock and restricted stock units |  | $ | 3,676 |  |  | $ | 2,687 |  |  | $ | 1,992 |
Performance-based restricted stock and restricted stock units |  |  | 2,399 |  |  |  | 3,144 |  |  |  | 2,805 |
Stock appreciation rights |  |  | 662 |  |  |  | 370 |  |  |  | 251 |
Employee stock purchase plan |  |  | 193 |  |  |  | 143 |  |  |  | 139 |
Total stock-based compensation |  | $ | 6,930 |  |  | $ | 6,344 |  |  | $ | 5,187 |
Summary of Assumptions Used to Estimate Fair Value of Each SAR | For SARs issued in the years ended December 31, 2019, December 31, 2018 and December 31, 2017, respectively, the assumptions shown in the following table were used:
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Average risk-free interest rate |  |  | 2.5 | % |  |  | 2.7 | % |  |  | 2.0 | %
Expected term (years) |  |  | 5 |  |  |  | 5 |  |  |  | 5 |
Expected volatility |  |  | 39.1 | % |  |  | 40.5 | % |  |  | 42.3 | %
SAR Activity | SAR activity under the Plan and all predecessor stock incentive plans is as follows:
|  | SARs |  |  | Weighted-Average Grant Price Per Share |  |  | Weighted- Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value as of December 31, 2019 |
Outstanding at December 31, 2016 |  |  | 275,450 |  |  | $ | 9.79 |  |  |  |  |  |  |  |  |
Granted |  |  | 37,478 |  |  | $ | 35.38 |  |  |  |  |  |  |  |  |
Exercised |  |  | (34,812 | ) |  | $ | 8.07 |  |  |  |  |  |  |  |  |
Canceled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2017 |  |  | 278,116 |  |  | $ | 13.45 |  |  |  |  |  |  |  |  |
Granted |  |  | 21,260 |  |  | $ | 56.59 |  |  |  |  |  |  |  |  |
Exercised |  |  | (60,900 | ) |  | $ | 5.27 |  |  |  |  |  |  |  |  |
Canceled |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 238,476 |  |  | $ | 19.26 |  |  |  |  |  |  |  |  |
Granted |  |  | 24,536 |  |  | $ | 77.70 |  |  |  |  |  |  |  |  |
Exercised |  |  | (108,764 | ) |  | $ | 13.89 |  |  |  |  |  |  |  |  |
Canceled |  |  | (2,229 | ) |  | $ | 77.70 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 152,019 |  |  | $ | 31.58 |  |  |  | 5.5 |  |  | $ | 8,862,501 |
Vested at December 31, 2019 |  |  | 103,094 |  |  | $ | 18.14 |  |  |  | 4.1 |  |  | $ | 7,396,470 |
Exercisable at December 31, 2019 |  |  | 103,094 |  |  | $ | 18.14 |  |  |  | 4.1 |  |  | $ | 7,396,470 |
Time-Based Restricted Stock and Time-Based Restricted Stock Units [Member] |
Restricted Stock Activity | Time-based restricted stock and restricted stock unit activity under the Plan and all predecessor stock incentive plans is as follows:
|  | Time-based Restricted Stock and Restricted Stock Unit |  |  | Weighted-Average Grant Price Per Share |
Nonvested at December 31, 2016 |  |  | 243,600 |  |  | $ | 15.80 |
Granted |  |  | 72,402 |  |  | $ | 36.27 |
Vested |  |  | (162,372 | ) |  | $ | 14.45 |
Forfeited |  |  | (512 | ) |  | $ | 18.68 |
Nonvested at December 31, 2017 |  |  | 153,118 |  |  | $ | 26.90 |
Granted |  |  | 87,264 |  |  | $ | 54.72 |
Vested |  |  | (84,550 | ) |  | $ | 26.65 |
Forfeited |  |  | (284 | ) |  | $ | 35.05 |
Nonvested at December 31, 2018 |  |  | 155,548 |  |  | $ | 42.68 |
Granted |  |  | 35,650 |  |  | $ | 76.23 |
Vested |  |  | (81,325 | ) |  | $ | 37.34 |
Forfeited |  |  | (640 | ) |  | $ | 62.33 |
Nonvested at December 31, 2019 |  |  | 109,233 |  |  | $ | 57.49 |
Performance-Based Restricted Stock and Performance-Based Restricted Stock Units [Member] |
Restricted Stock Activity | Performance-based restricted stock activity under the Plan is as follows:
|  | Performance-based Restricted Stock and Performance-based Restricted Stock Units |  |  | Weighted-Average Grant Price Per Share |
Nonvested at December 31, 2016 |  |  | 116,832 |  |  | $ | 18.32 |
Granted |  |  | 86,614 |  |  | $ | 28.77 |
Vested |  |  | (86,788 | ) |  | $ | 18.64 |
Forfeited |  |  | — |  |  | $ | — |
Nonvested at December 31, 2017 |  |  | 116,658 |  |  | $ | 25.85 |
Granted |  |  | 80,570 |  |  | $ | 35.26 |
Vested |  |  | (106,022 | ) |  | $ | 23.52 |
Forfeited |  |  | — |  |  | $ | — |
Nonvested at December 31, 2018 |  |  | 91,206 |  |  | $ | 36.86 |
Granted |  |  | 82,135 |  |  | $ | 47.64 |
Vested |  |  | (111,002 | ) |  | $ | 31.10 |
Forfeited |  |  | (511 | ) |  | $ | 58.45 |
Nonvested at December 31, 2019 |  |  | 61,828 |  |  | $ | 61.34 |

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