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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Stock-Based Compensation Expense

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

		Year Ended December 31,
		2020				2019				2018
Time-based restricted stock and restricted stock units		$	3,219			$	3,676			$	2,687
Performance-based restricted stock and restricted stock units			2,881				2,399				3,144
Stock appreciation rights			648				662				370
Employee stock purchase plan			383				193				143
Total stock-based compensation		$	7,131			$	6,930			$	6,344

Summary of Assumptions Used to Estimate Fair Value of Each SAR

For SARs issued in the years ended December 31, 2020, December 31, 2019 and December 31, 2018, respectively, the assumptions shown in the following table were used:

		Year Ended December 31,
		2020				2019				2018
Dividend yield			0	%			0	%			0	%
Average risk-free interest rate			1.3	%			2.5	%			2.7	%
Expected term (years)			5				5				5
Expected volatility			38.3	%			39.1	%			40.5	%

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, 2020
Outstanding at December 31, 2017			556,232			$	6.73
Granted			42,520			$	28.30
Exercised			(121,800	)		$	2.64
Canceled			—			$	—
Outstanding at December 31, 2018			476,952			$	9.63
Granted			49,072			$	38.85
Exercised			(217,528	)		$	6.95
Canceled			(4,458	)		$	38.85
Outstanding at December 31, 2019			304,038			$	15.79
Granted			43,830			$	50.39
Exercised			(54,592	)		$	9.41
Canceled			—			$	—
Outstanding at December 31, 2020			293,276			$	22.15				5.4			$	18,058,138
Vested at December 31, 2020			237,323			$	17.05				4.7			$	15,821,712
Exercisable at December 31, 2020			237,323			$	17.05				4.7			$	15,821,712

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, 2017			306,236			$	13.45
Granted			174,528			$	27.36
Vested			(169,100	)		$	13.33
Forfeited			(568	)		$	17.53
Nonvested at December 31, 2018			311,096			$	21.34
Granted			71,300			$	38.12
Vested			(162,650	)		$	18.67
Forfeited			(1,280	)		$	31.17
Nonvested at December 31, 2019			218,466			$	28.75
Granted			54,406			$	53.97
Vested			(111,036	)		$	30.94
Forfeited			(1,114	)		$	40.34
Nonvested at December 31, 2020			160,722			$	35.68

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, 2017			233,316			$	12.93
Granted			161,140			$	17.63
Vested			(212,044	)		$	11.76
Forfeited			—			$	—
Nonvested at December 31, 2018			182,412			$	18.43
Granted			164,270			$	23.82
Vested			(222,004	)		$	15.55
Forfeited			(1,022	)		$	29.23
Nonvested at December 31, 2019			123,656			$	30.67
Granted			78,404			$	39.60
Vested			(128,762	)		$	28.87
Forfeited			(728	)		$	41.12
Nonvested at December 31, 2020			72,570			$	43.42

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