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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Summary of Stock-Based Compensation Expense | The following table summarizes the Company’s stock-based compensation expense (in thousands):
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Stock appreciation rights |  | $ | 215 |  |  | $ | 154 |
Time-based restricted stock and restricted stock units |  |  | 935 |  |  |  | 847 |
Performance-based restricted stock and restricted stock units |  |  | 724 |  |  |  | 1,158 |
Employee stock purchase plan |  |  | 98 |  |  |  | 67 |
Total stock-based compensation |  | $ | 1,972 |  |  | $ | 2,226 |
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. For SARs issued in the three months ended March 31, 2023, and March 31, 2022, the data and assumptions shown in the following table were used:
|  | Three Months Ended March 31, 2023 |  |  | Three Months Ended March 31, 2022 |
Weighted-average fair value of grants |  | $ | 27.19 |  |  | $ | 33.90 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Average risk-free interest rate |  |  | 4.0 | % |  |  | 1.9 | %
Expected term (years) |  |  | 5 |  |  |  | 5 |
Expected volatility |  |  | 49.5 | % |  |  | 44.9 | %
Summary of Stock-Based Compensation Grants | The following table summarizes the Company’s stock-based compensation grants for the three months ended March 31, 2023:
|  | Stock Awards Granted |  |  | Weighted-Average Grant Price Per Share |
Time-based restricted stock units |  |  | 76,698 |  |  | $ | 56.75 |
Performance-based restricted stock units (a) |  |  | 96,013 |  |  | $ | 56.79 |
Stock appreciation rights |  |  | 51,916 |  |  | $ | 56.80 |
(a) | Includes 11,059 of target performance-based restricted stock unit awards granted during the three months ended March 31, 2023, and adjustments of 1,413, and 9,646 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2021, and 2020, respectively.

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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