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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2021
Stock-Based Compensation |
Stock-Based Compensation | 6. Stock-Based Compensation Stock- Based Compensation Expense Stock-based compensation expense was included in the consolidated statements of income as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
General and administrative |  | $ | 542 |  |  | $ | 441 |  |  | $ | 1,463 |  |  | $ | 1,251 |
Valuation Assumptions Black-Scholes-Merton assumptions used in calculating the estimated value of our stock options on the date of grant were as follows:
|  | Nine Months Ended |
|  | September 30, 2021 |
Risk-free interest rate |  | 1.07%-1.13% |
Expected term (in years) |  |  | 6 |
Volatility |  |  | 45 | %
Dividend yield |  |  | — | %
Weighted-average estimated fair value of stock options granted |  | $ | 5.61 |
There were no grants of stock options during the three months ended September 30, 2021 and the three and nine months ended September 30, 2020.

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