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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

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,
		2023				2022				2023				2022
Stock appreciation rights		$	248			$	196			$	660			$	547
Time-based restricted stock and restricted stock units			1,098				1,012				2,904				2,818
Performance-based restricted stock and restricted stock units			1,425				(1,012	)			3,470				(5	)
Employee stock purchase plan			50				52				350				171
Total stock-based compensation		$	2,821			$	248			$	7,384			$	3,531

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 nine months ended September 30, 2023, and September 30, 2022, the data and assumptions shown in the following table were used:

		Nine Months Ended September 30, 2023				Nine Months Ended September 30, 2022
Weighted-average fair value of grants		$	27.19			$	33.9
Dividend yield			0	%			0	%
Average risk-free interest rate			4.0	%			1.9	%
Expected term (years)			5				5
Expected volatility			49.50	%			44.85	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation grants for the nine months ended September 30, 2023:

		Stock Awards Granted				Weighted-Average Grant Price Per Share
Time-based restricted stock units			91,742			$	58.67
Performance-based restricted stock units (a)			96,103			$	56.79
Stock appreciation rights			51,916			$	56.80

(a) Includes 85,044 of target performance-based restricted stock unit awards granted during the nine months ended September 30, 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.

X

- 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

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-Name Accounting Standards Codification
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X

- 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.

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Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted during the year.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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