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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Time-based restricted stock and restricted stock units |  | $ | 2,892 |  |  | $ | 3,219 |  |  | $ | 3,676 |
Performance-based restricted stock and restricted stock units |  |  | 4,681 |  |  |  | 2,881 |  |  |  | 2,399 |
Stock appreciation rights |  |  | 485 |  |  |  | 648 |  |  |  | 662 |
Employee stock purchase plan |  |  | 381 |  |  |  | 383 |  |  |  | 193 |
Total stock-based compensation |  | $ | 8,439 |  |  | $ | 7,131 |  |  | $ | 6,930 |
Summary of Assumptions Used to Estimate Fair Value of Each SAR | For SARs issued in the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively, the assumptions shown in the following table were used:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Average risk-free interest rate |  |  | 0.6 | % |  |  | 1.3 | % |  |  | 2.5 | %
Expected term (years) |  |  | 5 |  |  |  | 5 |  |  |  | 5 |
Expected volatility |  |  | 58.7 | % |  |  | 38.3 | % |  |  | 39.1 | %
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, 2021 |
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 |  |  |  |  |  |  |  |  |
Granted |  |  | 15,029 |  |  | $ | 104.56 |  |  |  |  |  |  |  |  |
Exercised |  |  | (102,562 | ) |  | $ | 9.45 |  |  |  |  |  |  |  |  |
Canceled |  |  | (4,745 | ) |  | $ | 61.66 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2021 |  |  | 200,998 |  |  | $ | 33.86 |  |  |  | 5.3 |  |  | $ | 20,335,938 |
Vested at December 31, 2021 |  |  | 161,244 |  |  | $ | 25.58 |  |  |  | 5.3 |  |  | $ | 17,647,952 |
Exercisable at December 31, 2021 |  |  | 161,244 |  |  | $ | 25.58 |  |  |  | 5.3 |  |  | $ | 17,647,952 |
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, 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 |
Granted |  |  | 33,703 |  |  | $ | 100.50 |
Vested |  |  | (78,081 | ) |  | $ | 37.81 |
Forfeited |  |  | (4,798 | ) |  | $ | 66.00 |
Nonvested at December 31, 2021 |  |  | 111,546 |  |  | $ | 52.91 |
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, 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 |
Granted |  |  | 36,522 |  |  | $ | 86.26 |
Vested |  |  | (45,051 | ) |  | $ | 39.41 |
Forfeited |  |  | (6,273 | ) |  | $ | 65.30 |
Nonvested at December 31, 2021 |  |  | 57,768 |  |  | $ | 71.21 |

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