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Stock-Based Incentive Plans | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Incentive Plans | Note 10. Stock-Based Incentive Plans Stock-based incentive plans compensation expense is as follows (in thousands):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2021 |  | 2020
Service-based restricted stock units (“RSUs”) |  |  |  |  |  | $ | 4,842 |  |  | $ | 4,478 |
Service-based stock appreciation rights (“SARs”) |  |  |  |  |  | 3,322 |  |  | 2,684 |
Market performance-based restricted stock units |  |  |  |  |  | 763 |  |  | 896 |
Operating performance-based restricted stock units |  |  |  |  |  | 267 |  |  | 695 |
Employee share purchase plan |  |  |  |  |  | 342 |  |  | 290 |
Total stock-based compensation expense |  |  |  |  |  | $ | 9,536 |  |  | $ | 9,043 |
During the three months ended March 31, 2021, we issued stock-based compensatory awards with terms approved by the Compensation Committee of our Board of Directors. The awards with service conditions generally vest ratably from two to four years and are subject to forfeiture unless service conditions are met. Market performance-based awards were issued that cliff vest after three years subject to the rank of our total shareholder return for the three-year period ending December 31, 2023 relative to the total shareholder returns for a peer group of companies. Operating performance-based awards were issued that cliff vest after three years subject to the achievement of a target based on the adjusted free cash flow for fiscal year 2021. Additionally, operating performance-based awards were issued that cliff vest after three years subject to the achievement of a target based on the return on invested capital for fiscal year 2021. Compensation expense related to awards granted during 2021 for the three months ended March 31, 2021 was $0.1 million. Stock-based compensation agreements issued during the three months ended March 31, 2021, representing potential shares and their weighted average grant date fair values by type follows (shares in thousands, fair value in dollars):
|  | Three Months Ended March 31, 2021
|  | Shares |  | Weighted Average Grant Date Fair Value
Service-based SARs |  | 594,617 |  |  | $ | 29.22 |
Service-based RSUs |  | 322,310 |  |  | $ | 73.25 |
Market performance-based RSUs |  | 47,916 |  |  | $ | 114.74 |
Operating performance-based RSUs |  | 76,040 |  |  | $ | 73.25 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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