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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense, Net of Forfeitures | For the three months ended March 31, 2021 and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows (in thousands):
|  | 2021 |  | 2020 |  |  |  |
Equity-classified awards: |  |  |  |  |  |  |  |
Restricted stock |  | $ | 632 |  |  | $ | 696 |  |  |  |  |
Market based RSUs |  | 773 |  |  | 427 |  |  |  |  |
Performance based RSUs |  | 256 |  |  | 161 |  |  |  |  |
Director grants |  | 6 |  |  | — |  |  |  |  |
Total equity-classified award expense, net of forfeitures |  | 1,667 |  |  | 1,284 |  |  |  |  |
Liability-classified awards |  |  |  |  |  |  |  |
Market based RSUs |  | 113 |  |  | (1,019) |  |  |  |  |
Performance based RSUs |  | 106 |  |  | (184) |  |  |  |  |
Time vested RSUs |  | 162 |  |  | 149 |  |  |  |  |
Dividend equivalent units |  | 26 |  |  | 34 |  |  |  |  |
Total liability-classified award expense, net of forfeitures |  | 407 |  |  | (1,020) |  |  |  |  |
Total stock-based compensation expense, net of forfeitures |  | $ | 2,074 |  |  | $ | 264 |  |  |  |  |
Summary of grants of equity and liability classified award activity | The following table summarizes the grants of equity-classified awards made by the Company in February 2021.
| Shares and Targeted Units Granted
Market-based RSUs | 101,791 |
Performance-based RSUs | 43,622 |
Restricted stock | 102,262 |
Director grants | 185 |
Summary of valuation assumptions | The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in February 2021:
|  | Assumptions for RSUs Granted |  |
Volatility | (1) | 37.50 | % |  |
Risk-free rate | (2) | 0.17 | % |  |
Stock beta | (3) | 1.04 | % |  |
(1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release. (3) Betas are calculated with up to three years of daily stock price data.

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + 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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + 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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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